When my husband I decided to start a business, we didn't think about the legal aspects of doing so. We didn't realize that purchasing business insurance, getting building permits and making investments all required some type of legal advice. But after speaking to a close friend, who also happens to own a small business, we contacted a business attorney. Now, we have the legal smarts to make the best decisions for our business, as well as the legal representation in case something happens to our company. I hope that you find my blog helpful and informative for your own business. It's a great resource for finding the legal advice, resources and guidance you need to get your company up and running.
If you are planning to get divorced, there are many things to consider, such as who gets the house and if you have kids, who gets custody of them. Below are some tips on financial things you need to think about before you go through the divorce process.
Understand What You Owe
You need to understand everything that you owe. This may sound easy, but if your spouse handled all the bills, it may make it more difficult. Sit down with your spouse and write down all bills that you currently have. If some of the bills are theirs, such as if they have their own credit card in only their name, you are not liable for this. However, if the credit card is in both your names, then you are both liable to pay for it. Because of this, separate the bills that are in your spouse's name and bills in your name only.
This is important because not paying what you owe will ruin your credit and this is the last thing you want to have happen. You will be alone, and if you have bad credit, this could prevent you from purchasing a vehicle, buying a home, or getting any kind of loan.
Decide Who Keeps the Home
If you own your own home, then you have to decide who keeps it. In many cases, the spouse that gets custody of the children will stay in the home. You could also sell the home and each of you would get half the money. Your lawyers will be able to help you understand how this money may get split up.
Before you demand to keep your home, make sure you can afford it. This is especially true if your spouse makes much more money than you do. You would have to pay things like the mortgage, property taxes, maintenance costs, and much more.
Consider current problems you have with the home that will have to be repaired, such as problems with plumbing, electrical wiring, roofing, and more. All of this can really add up if you have to pay it on your own.
You may be able to receive alimony from your spouse to help you. For example, a judge will award alimony if you are not able to pay your bills, buy food, etc., on your own but only if your spouse can afford to pay you. In some cases, alimony is temporary. For example, you may receive this money until you have time to find a job, increase your skills, finish school, etc. Alimony may also be permanent if you are disabled or at retirement age.
Work with a divorce attorney from a firm like Franklin & Rapp to help you with all of this so you can get through your divorce quickly and smoothly.