Financial Steps to Take Before, During, and After Your Divorce

Divorce can be a challenging time, not only emotionally but also financially. Attorney Fogt helps his clients through the financial aspects of divorce is crucial to their long-term stability. Here's a comprehensive overview of essential financial steps based on best practices.

Before the Divorce

1. Gather Financial Documentation: Clients should collect and organize all financial records, including bank statements, tax returns, mortgage documents, and investment accounts. Having a clear financial picture helps in negotiations and settlements.

2. Assess Individual and Joint Assets: Attorney Fogt can help you distinguish between marital and separate property. Understanding what assets are subject to division is crucial in protecting your financial interests.

3. Budget for New Living Arrangements: Clients should create a post-divorce budget to understand their future financial needs. This includes estimating living expenses, childcare, and any potential spousal or child support.

During the Divorce

1. Monitor Credit Reports: There is almost always a Court Order preventing both parties from opening any additional joint accounts. However, it is good advice to monitor your credit reports regularly to ensure no new joint debts are incurred without your knowledge. This helps in maintaining a good credit score post-divorce.

2. Negotiate Fair Settlements: Work towards equitable division of assets and debts. Consider future needs, such as retirement funds, and ensure that settlements are fair and sustainable.

After the Divorce

1. Update Financial Accounts and Documents: Clients should update their financial accounts, beneficiaries, and legal documents to reflect their new status. This includes wills, insurance policies, and retirement accounts.

2. Build a Financial Plan: Clients should establish a long-term financial plan. This might involve working with a financial advisor to manage investments, savings, and budgeting.

3. Rebuild Credit: Be financially responsible such as making timely payments on debts and not living above your means.

Divorce significantly impacts finances, but with careful planning and professional guidance, clients can achieve financial stability and security. 

Fogt Law Can Help You.

You can depend on Attorney Christopher Fogt's experience and knowledge as well as his trial skills to ensure that you receive the best possible outcome. He listens to his clients so that he understands their goals and priorities as all clients are unique. He communicates well with his clients, opposing counsel, and the Court. He also provides straight-forward advice.