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Family law: Protecting one’s financial future during divorce

| Dec 21, 2017 | Family Law |

When facing the end of a marriage, an individual in Washington or elsewhere may have concerns about how the outcome will affect his or her financial future. Those experiencing a similar circumstances may wish to protect this area of life by taking measures to prepare for subsequent negotiations. However, the process can be stressful and intimidating, prompting many to seek guidance from a family law attorney early on.

Perhaps one of the first steps to take for those facing divorce is to obtain documentation of all marital finances. This can include anything from joint bank accounts to retirement or investment accounts over the past several years. Along with potentially helping a person gain a better understanding of the current financial standings of the marriage, it can also assist in identifying all community property, as well as the correct value of each one.

During this period, it may also be advisable to consider forming a budget for life moving forward. Divorce will likely have an impact on one’s financial situation, and coming up with a financial plan could help a person gain an understanding of what to expect. One may also find it crucial to keep a close watch on his or her credit score, which could help prevent a potential disaster in the future.

Individuals who wish to safeguard their financial futures following divorce may benefit from seeking guidance in the early stages of the process. By speaking with a family law attorney, a person could obtain advice in making informed decisions regarding his or her future. An attorney in Washington can address all a client’s concerns and needs and assist in pursuing the best outcome possible during divorce proceedings.

Source: nerdwallet.com, “6 Critical Steps to Prepare Your Finances for Divorce”, Shawn Leamon, Accessed on Dec. 19, 2017

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Hanis Irvine Prothero, PLLC
6703 S. 234th Street, Suite 300
Kent, WA 98032

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