If you’re getting a divorce, there are many different facets of the process that can affect your financial situation. One of the most common is alimony or spousal support, which is an award of money to help your former spouse make ends meet.
The amount of alimony or spousal support you will receive in a divorce depends on several factors, including your income levels, the length of your marriage and the ability to earn a living after your divorce. If you need help figuring out how much alimony or spousal support is right for you, speak to an experienced Miami divorce attorney who can explain your legal rights and options.
Using Personal Loans for Divorce Costs
A personal loan is often one of the most convenient ways to get money for your divorce expenses. They usually come with lower interest rates than credit cards, and you can use the loan to pay for anything from paying your attorney’s fees to hiring a private investigator to find missing assets in the marital estate.
You can also save money on interest costs by paying the debt off quickly, instead of letting it accrue interest and compound your total cost over time. The best way to determine whether you’ll want to take out a loan during your divorce is to talk with a financial adviser and assess your finances ahead of time.
Having Life Insurance during a Divorce
If you have a life insurance policy that includes your ex-spouse as a beneficiary, you should review it before you file for a divorce. You’ll want to change it to reflect your new financial circumstances, so that it will be awarded to the correct person when you die.
Having Retirement Accounts during a Divorce
A good investment is to keep your retirement accounts in a separate account during your divorce. This can help you avoid having your retirement account liquidated to pay for your divorce.
Having Assets and Bank Accounts during a Divorce
You should protect all your accounts in the name of both you and your ex-spouse during your divorce, but it’s not always easy. You may have to take steps to freeze any accounts you own in your name, and to make sure that any existing debt is not transferred.
Another option is to convert all of your joint savings and checking accounts into individual accounts. This can help you to keep control over the funds, but it will also make it harder for your ex-spouse to empty them and burden you with new debt.
Having a Loan during Your Divorce
In some cases, you can borrow money from family or friends to help pay for your divorce. You might have to go through a few steps to qualify for this type of funding, but it can be a good option if you have excellent credit and can afford to repay the loan in monthly installments.
Having a Personal Loan during Your Divorce
The cost of a divorce isn’t something you should take lightly, and it can be especially costly if you have a lot of high-interest credit card debt or have to dip into your savings and retirement accounts. The most efficient way to fund your divorce is to get a personal loan from a lender and pay it off in monthly installments.