With all of the negotiations, arguments, threats and exasperation that come with a divorce, when finalized, many recently divorced spouses are faced with things they haven’t had to deal with for years or even decades. We are not talking about rejoining the dating pool, but dealing with one’s own financial affairs. To quote a Peter Allen song, “Everything old is new again.” Re-establishing personal credit, paying bills, dealing with investments and getting ready for taxes can prove frustrating. This frustration will be felt by both parties, maybe not equally, but both will feel it and, inevitably, each will have to fill in where the other has left off. As professionals in the family law arena, it is incumbent upon us to properly advise our clients, not only helping guide them through the divorce process, but preparing them for their new life after their divorce.
Throughout this article, various financial issues each divorced person will face—and, likewise, the professionals—are highlighted. Some will have been handled during the proceedings, such as opening a checking account, getting a new credit card and paying bills. From experience, we have learned that even the simplest task to one party may feel insurmountable to the other. We have broken down the issues into seven areas, adding a reminder regarding cohabitation. The remainder of the article is written as if the reader is one of the parties to the divorce and not the family law professional.
Day-to-Day Finances
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