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5 Ways to Save Your Money in a Divorce

Contact a Birmingham Divorce Attorney for Advice

Besides concerns for your children, financial issues are often a top concern for many couples who are going through divorce. Whether or not you have significant assets or own multiple properties, it is important that your best interests are always kept at the forefront of anything you do.

Below read about the top five ways you can help protect your assets and save money. If you have questions regarding your specific situation, contact Shaw Family Law, LLC today.

  1. Communication is key. When you work with your soon-to-be ex, it is important to voluntarily exchange information about all your assets and debts, no matter what how big or small they may be. Not only can this help save time and emotional stress, being honest and open about what you each do or do not own can help you divide your property based on what was owned before, during, and after you marriage.
  2. Don’t fight over every little thing. Picking your battles can help greatly reduce the time it takes to file and finish your divorce. After all, wasted time equals wasted money. While it is important to communicate your wants and wishes, fighting over everything can create a situation where drown-out litigation may be necessary.
  3. Educate yourself and know your options. Asking questions and working with your divorce attorney can help ensure that you know what is going on during every step of the legal process. Further, by knowing all of your assets and creating a solid budget for yourself, you can help avoid unintentional spending and even work to build your savings account while you are going through the process.
  4. Review your spouse’s finances and close any joint accounts or cards. To prevent wrongdoing or fraudulent practices, make sure you know about the assets that your ex disclosed and that you immediately close any joint credit cards.
  5. Retain a skilled divorce lawyer. At Shaw Family Law, LLC, our attorneys have nearly three decades of experience. We have seen almost every type of case and we use this knowledge to help our clients, no matter what their circumstances. When you hire a neutral third party who knows the laws and how best to help you, you can rest easier knowing that your money is in good hands.
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