The end of a marriage is usually complicated and fraught with tension, even outright hate. It is also emotionally and financially draining. It becomes even more difficult if the spouses hate each other and want to take revenge via the legal system.
But there are many reasons to consider having an amicable divorce, and these go beyond what’s best for your kids. Here are some of these reasons.
It’s Best For Your Kids
Playing nice with your kids’ other parent will show your kids that you can still work well with other people even if you have irreconcilable differences. You should also be honest with your kids about all the changes that will be happening because of the divorce.
You should safeguard your kids financially as well. Make sure to reevaluate and change the beneficiaries of your trusts, will, pension plans, life insurance, and IRAs to protect your kids. If your soon-to-be ex-spouse remains your primary benefactor, they could end up getting everything if you pass away, and there’s no guaranteeing if your assets will reach your kids’ hands.
You should also understand your state’s guidelines for calculating child support payments, as these differ from one state to another. Consult your divorce attorney for this.
Safeguard Your Credit
You need to check your and your spouse’s credit report to see if you can dispute anything that must be resolved before starting the divorce process. Get in touch with the top three credit reporting agencies, which include Experian, TransUnion, and Equifax, to request your credit report.
Likewise, close out all joint credit cards and then inform the credit agencies. Keep in mind that both of you will remain responsible for any existing debt if these stay open and one of you accrues additional debt.
Save More Money
While difficult, you need to think of your divorce in terms of preparing for your family’s future instead of rehashing the past. You can consider getting an uncontested divorce if you’re on generally good terms with your spouse.
This could certainly end up being more affordable than ongoing court battles. It would help if you worked together to resolve joint debts and divide marital assets more efficiently. Together, you could avoid accruing extra joint debt, reviewing all crucial financial documents, and closing joint bank accounts.
If you haven’t already, you need to open separate credit card and bank accounts before finalizing the divorce. The reason for this is that it’s usually easier to obtain a bank account and credit under your own name when you’re married.
Play Fair to Get Your Fair Share
The first steps when starting the divorce process are taking stock of you and your spouse’s assets and deciding on how they should be distributed. Together, you should list down all details about debts and assets and take photos if possible.
In general, any assets that you owned before getting married should remain yours, whether it’s real estate, an inheritance, or an automobile. However, it’s crucial to note that you should decide on the joint asset distribution before finalizing the divorce.
A significant asset that could lead to battles if you fail to play fair is the marital house. Unless you have kids or if no one wants to live in the house, you can consider working with your spouse to sell the house and divide the proceeds appropriately. Doing so could be a great start to heal past hurts and start anew.
Yes, divorce can be very messy and could wreak havoc on your emotions and finances. But it could also be amicable and healthy so you can reap the benefits mentioned above not only for yourselves but for your kids as well.