Tips on sorting accounts following divorce

May 14, 2015

Going through a divorce is emotionally hard but there are also lots of other problems that can come as a result such as financial issues. You may be entitled to receive spousal support from your ex-partner and this is something that you will need to contact a lawyer to discuss. You can find local spousal maintenance lawyers by looking online and you will need to make an appointment to discuss your situation to see if you are entitled to receive any money.

You will also need to organise your own accounts, as you will go from having joint bank accounts to single accounts and if you run a business together, these accounts may also need to be changed if you decide to split the business or finish it altogether. The best way to sort out your finances after a divorce is to contact an accountant and they can help you with all of the following:

  • Budgeting
  • Bookkeeping
  • Advice
  • Trusts
  • Business plans
  • Financial planning

You should make an appointment to speak to a lawyer first, as they will be able to work with you to sort out what money you will be entitled to after the divorce goes through. You will need to establish what your financial situation is before you meet with an accountant, so it is best to contact spousal maintenance lawyers and meet with them to discuss the legalities of the financial aspects of your divorce before you meet with an accountant.

A good lawyer will be able to take you through everything step by step, to ensure you understand what spousal maintenance is and how it differs from other payments such as child support.

Once you have a comprehensive understanding of spousal maintenance, you can then contact an accountant who will help you with the following:

  • They can work with you to sort out your personal tax situation, as this may change after you are divorced
  • They can advise you about business decisions that you are unsure of
  • They can work with you to prepare your annual accounts if you own a business
  • They can work out how much your share of the business is worth if you have split the business ownership with your former spouse

Getting your finances in order following a divorce is important and it will help you to move forward in a new chapter of your life. From sorting out your personal finances to working out your business accounts, you will need to get advice and support from your lawyer as well as an accounting company to ensure everything is legal and correct.

Spousal support is not something that everyone is entitled to receive and you may be the one who needs to pay it rather than receive it. Either way, it is important to contact a lawyer that specialises in spousal maintenance services in order to get your finances into order after a divorce. Regaining control of your money situation can give you confidence to start a new life and getting professional help ensures everything will run smoothly.