For many couples, ending their marriage is the right decision, but that doesn’t necessarily make doing so easy. Divorce is not only hard emotionally, but it can also pose significant financial challenges. If you’re concerned about money both during and after the proceedings, a seasoned divorce lawyer can provide strategic advice every step of the way. In the meantime, here are a few tips for protecting your financial security in the weeks and months to come. 

How to Prepare for the Financial Impact of a Divorce 

1. Track Everything

Record your income and expenses from month to month as both an individual and a household. The judge will use such information when determining maintenance or spousal support and dividing assets. Once you’re certain you want to file, it’s also wise to research local costs associated with living on your own, including housing, transportation, and child care. This will allow you to devise a reasonable budget for after the split, so you have solid financial footing from the start. 

2. Keep Taxes in Mind 

Although every couple’s financial situation is different, virtually all those who get divorced can expect to face tax ramifications of doing so. A divorce lawyer should be able to explain the potential tax consequences you could face, depending on how settlement negotiations go, so you can prepare for any significant financial situations. 

3. Seek Legal Counsel

You should never go up against your ex and their attorney alone during the proceedings. You might save in legal costs, but you could end up securing a divorce settlement that is utterly unfair. Hiring a divorce lawyer of your own will essentially level the playing field, though, and provide a voice of reason when you feel compelled to make decisions based on emotion rather than logic. 

If you want to learn more about protecting yourself financially when ending a marriage, turn to the Law Office of Michael Davidson, PLLC in Kentucky and beyond. Led by a divorce lawyer with more than 30 years of experience, this family law firm helps clients navigate even the most complicated and contentious proceedings, including those involving custody, child support, maintenance or spousal support. To request an initial consultation, visit their website or call (859) 225-1717 today.