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Managing finances effectively during divorce is paramount

During a marital breakup, money is oftentimes a major area of concern. For one, two spouses who are going through divorce may be unsure about how to manage their money during the transition from married life to single living. Second, they may be at a loss for how to split up their marital property and debt in Montana.

An important first step during divorce is for both spouses to open their own checking accounts. It is critical that both spouses remove each other's names from their joint savings and checking accounts along with their joint credit card accounts. Otherwise, one spouse may end up accruing large amounts of debt or blowing through the other person's money during the divorce proceeding, thus complicating the process.

Second, keeping track of expenses and income is paramount during divorce. For instance, a divorcing spouse may want to create a helpful system for tracking and documenting financial details such as alimony payments and child support. Tracking shared medical expenses is also a wise idea. For those who may not know where to start when it comes to tracking their finances, a variety of personal finance apps are available for helping with this.

Divorce is never an easy process in Montana, but sometimes it is inevitable. Still, if those going through divorce can see eye to eye on how they handle their finances, they may be able to resolve their financial issues outside of court. Otherwise, they will have to rely on a judge to decide for them how to address their financial matters, and unfortunately, the outcome may not be what they would have expected or wanted.

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