The process of filing for a marriage annulment is never easy, and if you add on top of that the hassle of managing your finances, it only gets more complicated from there.
The financial burden of the separation process, as well as the separation of assets during an emotionally taxing time, can be quite the burden.
In order to remain on track throughout the process, you must keep yourself organized and manage accordingly. Here are a few tips on how to go about handling the intricacies of your finances during a divorce or annulment.
Separating Finances
The first order of business should be to separate your finances from that of your spouse’s. From the start of the legal separation process to the end, you’re going to have to manage the cost and fee of getting a divorce, while simultaneously keeping up with your general living expenses.
Having joint accounts and credit cards can get tricky in the long run—things can get messy, and it’s overall just a better idea to have independent means of carrying out purchases and paying the bills.
Assessing Assets and Liabilities
The assets and liabilities of both parties need to be assessed, which requires drafting a net-worth statement that puts forward all the individual as well as marital assets. This also means taking into account any debts, be it mortgages or credit card balances.
Ideally, a financial adviser can be involved in the process to ensure that it goes as smoothly as possible.
Budgeting
A new budget needs to be formulated, keeping in mind your new financial situation. Take stock of all your bills and expenses, and hash out how much each of you needs in order to live independently. During the separation, money is going to be tight due to legal expenses as well, so take that into account and cut back on unnecessary expenses.
Monthly Expenses
While the budget is being formulated, determine what your monthly expenses are going to be when both parties are going to be living on their own. There may be some common expenses both will need to take care of, in the case of utilities or particularly if there are children involved.
It’s fairly obvious that the divorce or annulment procedures can be quite the costly ventures, particularly in the case of hiring an attorney. However, it doesn’t have to cost an arm and a leg just to get separated from an unsuitable spouse!
At Las Vegas Annulment Experts, our experts for annulment and divorce in Nevada offer you the most reliable and efficient services at highly reasonable rates. Get in touch with us and we can guide you through the entire process!