Ask any Michigan resident who has gone through a marital breakup and they’ll likely say it was anything but an easy, laid-back experience. Divorce is notorious for being emotionally and psychologically challenging. Likewise, ending a marriage is usually expensive. However, divorce does not have to be financially devastating. Here are a few ways to facilitate financial stability when heading for divorce.
Now is the time to be frugal
If there was ever a time to start saving money, it is now. Those heading into a divorce should never overspend and try to save as much money as possible. This saved cash will prove invaluable when divorce expenses such as attorney fees pop up down the road.
Take inventory of financial documents and records
Gather paperwork for things such as loans, life insurance and bank accounts. Determine whose names are listed on loans and vehicle titles. Also, check who the beneficiaries are on life insurance policies and estate planning documents. Make copies of these documents.
Get in touch with professionals
Most people won’t come out of a divorce with everything they wanted to keep, so take time to prioritize what is most important and choose battles selectively. Accept that life is going to change and it will feel like starting over. Divorce is often a confusing time and many questions will linger. Fortunately, there is professional help available for any person in Michigan who finds themselves headed for a marital breakup. By speaking with a trusted family law attorney, individuals going through a divorce can obtain much-needed legal advice and guidance.