Columbus Divorce Lawyers Explain Managing Your Finances After Divorce

Trust Babbitt & Dahlberg to help guide you to financial independence

Bank accounts, bills, check books.

It’s not uncommon for one partner in a marriage to be “in charge” of managing all of the household finances. But that often means the other partner may find himself or herself in unfamiliar territory when faced with a divorce. New responsibilities like opening a bank account, balancing a checkbook and creating a budget may seem daunting when your marriage is ending, but getting a handle on these issues calmly and quickly is one of the best ways to reclaim your financial independence.

Opening a bank account

If you don’t have your own individual account, you probably will need one at some point. Jointly-titled accounts that are used to pay bills are fine, but any money in such accounts may be accessible by both parties.

Setting up your own checking and savings can be a giant step toward independence. While on the surface the process can be intimidating, it’s often as simple as answering a few questions at your local bank branch. But first, follow these guidelines:

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Balancing your checkbook

A divorce often means taking on a slew of new responsibilities you’ve never had to face before. If you’re unfamiliar with balancing a checkbook, it’s simply keeping a record of how much you have in your account and how much you’re spending.

Just follow these steps:

Creating a budget

One of the most important steps you can take toward financial stability is setting a budget. This will ensure that you can cover all of your necessary expenses and give you an idea of how much money you have each month to spend beyond your basic needs.

Call our Columbus divorce attorneys

If you’re considering the impact a divorce can have on your personal finances, call the experienced family law attorneys at Babbitt & Dahlberg. We can help you examine your options and make a plan for financial independence.