Divorce, how to deal with money issues
You need to find ways to save money during the divorce so you don't
end up going into debt or needing a second job. When your marriage i
s over, the last thing on your mind should be your money, but it usu
ally is. You have to learn ways to protect yourself so that you have
money to live on through the divorce and after the divorce. You wil
l find yourself angry and confused after you have announced your spl
it, but you shouldn't feel overwhelmed about the money you may lose.
Many people find out the hard way what divorce really means, and it
usually means they leave you with half your stuff.
First, you should never get married without a prenup. If you don't
have the prenup, you will be in so much water when the divorce come
s. You don't need a prenup just if your rich, you need a prenup reg
ardless off your assets. When it comes to your finances, why on ear
th take any chances of losing good, hard-earned money? Secondly, yo
u need to know your finances throughout the marriage. You need to k
now where at least 80% of the money, if not all the money, goes.
You need to know your wealth. You wealth is your assets minus your d
ebts. If you have $10,000 in the bank, and you have a total of $50,0
00 (which is a combination of credit cards, mortgages, car payments,
and other things that you may owe on), then you have $40,000 worth
of debt, you're wealth is nothing. However, if you own you own home
and paid $40,000 for it, and have a couple thousand on credit and a
couple grand left on a car payment, you have a lot of wealth that ne
eds to be protected. Even if you have debt, you want to make sure th
at you don't get stuck with it by protecting yourself with a clause
in your prenup.
As for refinancing during the divorce, anything that the other perso
n wants, make sure you take your name off the deed. If your cars are
in both names, get the name taken off just so if they fall behind i
n payments, you don't have to worry about your credit be