How to Set Yourself Up Financially

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How to Set Yourself Up Financially

Not only can a divorce be an emotionally straining time, but it can also create a lot of financial stress. Ideally, one should begin preparing for a divorce at the moment that they decide to get married. However, when someone is entering into a marriage, it is very unlikely that he or she is already thinking ahead for the worst case scenario. However, creating a prenuptial agreement can create a much smoother process if your marriage does fail. If you and your spouse did not create this agreement, as most do not, there are still a few steps that you can take in order to set yourself up financially for this trying time.

Step One: Develop a financial plan. While this may seem obvious, many people do not think financially during these times. Their brains are occupied with emotions and other worries. By having a physical financial plan in front of you, you can better understand your goals that you are working toward. With this type of plan in place, you will have a better grasp on the steps you may need to take in the future in order to end in a position in which you are happy.

Step Two: Contact an attorney. Without legal consultation, your financial plan as well as any goals that you have set for yourself will never come to fruition. Working with one of the lawyers at Bardol Law Firm, LLC, can instill confidence and assure you that you are moving in the right direction. We will be here every step of the way, doing whatever it takes for you to reach your post-divorce goals.

Step Three: Create an agreement. If you are still in communication with your spouse, it is best to try and work out things between the two of you before you head into a legal setting. If you are both aware of each other’s goals throughout the process, no one will be surprised or set up for failure when the time comes to proceed legally.

Step Four: Protect yourself. It is important to understand that while you and your spouse may have considered yourself a team before, this may no longer be the case. You will each leave this divorce alone, so it is important to look out for yourself. This means that you shouldn’t wait until the other person acts. For example, do not wait until he or she hires an attorney. Being one step ahead can help you in the long run.

For more information, return to the Divorce Guide or explore further into the guide itself by visiting one of these other pages.