Your marriage has come to an end and the divorce proceedings are set to commence. You’re aiming for an amicable process, but this isn’t guaranteed.
Do your spending habits need to change during divorce proceedings? Could overspending harm you in the long run?
Hold on to your reserves
You know that the divorce is going to have at least some sort of hit on your finances. In these circumstances, it may be tempting to dip into any joint accounts you still hold with your former partner and treat yourself. You have to think about the long-term consequences of this. The family court may see this as reckless and an attempt to get out of sharing a fair amount with your former spouse. Hopefully, you and your former spouse will remain transparent and open about finances, even throughout the divorce. If your ex is planning on making things difficult, then emptying joint accounts will do you no favors.
You’re going to need to provide the court with an in-depth analysis of your financial situation. This means offering up bank statements, pay slips, mortgage accounts and much more. It becomes far more difficult to get all of this in order if you are constantly spending.
Your financial conduct is very important during your divorce. The court is likely to frown upon anything that could be perceived as careless spending or attempts to conceal various assets. Having sound legal guidance behind you will help to ensure that you give the best possible account of yourself and walk away with a settlement that is fair.