• Home
  • About Laurie Schmitt
    ▼
    • About Laurie Schmitt Attorney
    • Honors and Awards
  • Divorce
    ▼
    • Separate Maintenance
    • Spousal Support and Modification
  • Family Law Services
    ▼
    • Child Custody
    • Paternity
    • Change of Domicile
    • Child Support
    • Post-Judgement Modification
    • Enforcement of Court Orders
    • Limited Scope Services
    • Uncontested Divorces
  • Alternative Divorce Options
    ▼
    • Mediation
    • Collaborative Divorce
    • Uncontested Divorce Process
  • Blog
  • Contact
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Laurie Schmitt Family Law

W. Michigan family law specializing in Collaborative Divorce

  • Facebook
  • Twitter

616-608-4634

  • Home
  • About Laurie Schmitt
    • About Laurie Schmitt Attorney
    • Honors and Awards
  • Divorce
    • Separate Maintenance
    • Spousal Support and Modification
  • Family Law Services
    • Child Custody
    • Paternity
    • Change of Domicile
    • Child Support
    • Post-Judgement Modification
    • Enforcement of Court Orders
    • Limited Scope Services
    • Uncontested Divorces
  • Alternative Divorce Options
    • Mediation
    • Collaborative Divorce
    • Uncontested Divorce Process
  • Blog
  • Contact

How to Navigate the Financial Issues During the First Days of Your Divorce

October 6, 2022 By Laurie Schmitt

You’ve decided to file for a divorce. What financial issues should you be most concerned with during the first few days of your divorce process? Before you file, strategically lay out a plan with your attorney as to how you will handle the finances, and protect the assets of the marriage.

The following are financial issues that should be addressed before (or closely after) you have filed for your divorce.

DO NOT ADD TO YOUR DEBT: Make sure you and your spouse do not acquire new marital debt. It’s hard enough to address division of debt in a divorce, without new debt being created.  You certainly do not want more debt to be acquired during the divorce, unless both you and your spouse agree that new debt is necessary. 

Navigate Financial Issues divorce

PRESERVE YOUR CREDIT: Make sure all marital debt is being paid, and being paid on time.  Come to a written agreement with your spouse as to how the marital debt will be paid. If you are unable to come to a written agreement, then seek a court order to establish how the marital debt will be paid.  It is imperative that this written agreement or court order is signed at the onset of the divorce to ensure on-time payments of the marital debt. You do not need to destroy your credit during the divorce process with failure to pay or late payments.

PROTECT YOUR ASSETS:  Even if you and your spouse are getting along, it’s best to enter into a stipulated mutual restraining order to protect your assets and liabilities.  If you are unable to agree, your attorney should obtain a mutual restraining order when your divorce case is filed. A mutual restraining order provides protection to both parties by prohibiting parties from disposing or hiding the parties’ assets. By having the court sign a mutual restraining order, it alleviates the concerns that either party may do so legally. A mutual restraining order will protect anything you require it to protect, and can be drafted to meet the specific needs of the parties.

KEEP FINANCES STATUS QUO:  The goal is to keep your finances status quo until a temporary or permanent written agreement can be reached. Parties should enter into a temporary order on how the finances will be handled (what bills will be paid, when will they be paid, and who will pay them) until a final agreement can be reached in the divorce case.

GRAND RAPIDS COLLABORATIVE DIVORCE ATTORNEY SERVING KENT, OTTAWA, AND ALLEGAN COUNTY.

If you filed for divorce, or are considering filing in the near future, contact the Michigan family law attorney at Schmitt Law, PLLC.  We have extensive experience handling all types of Michigan divorce cases and the related issues that frequently come up in the divorce process, including spousal support, child custody, and child support. We provide custom-tailored legal advice and solutions for clients. To learn more about how we can help you through the divorce process, contact Schmitt Law, PLLC today by completing our online contact form, or calling us at (616) 608-4634 to schedule a consultation.

Filed Under: Collaborative Divorce, Financial Issues Tagged With: Divorce, Financial Issues

Primary Sidebar

Categories

  • Here Are Two Divorce Myths
  • Collaborative Divorce – A Better Way
  • Will An Affair Affect My Divorce?
  • Divorce Plaintiff Or Defendant – Does It Matter Who Files?
  • Is It Better To Get The Marital Home In The Divorce?
  • How Can We Help?
    616-608-4634
  • Why You Should Pay For a Consultation

Footer

  • Facebook
  • Twitter

Laurie K. Schmitt
Attorney, Mediator, and Collaborative Lawyer

401 Hall Street SW
Suite 112D
Grand Rapids, MI 49503

Phone: 616-608-4634

Visa and MasterCard Accepted
Laurie Schmitt of Schmitt Law, PLLC is a West Michigan family law attorney specializing in collaborative divorce as well as separation, divorce, child custody and support, paternity, and other family law litigation. She is licensed by Michigan State Bar and the U.S. District Court for the Western District of Michigan, and has extensive advanced training in divorce mediation and collaborative divorce.

Disclaimer

Copyright © 2023 - All Rights Reserved | Web Design by The Crouch Group | Log in