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3 financial points women facing divorce should consider

Finding out that your husband is leaving you is a frightening situation for any woman to be in, especially if she is unsure of how she is going to make it financially. If you are facing a situation like this, you can act now to make plans that might help you to start your new life on a firm financial footing. Before you make any plans, you should find out what options you have. Consider these three financial points as a starting guide.

Hidden assets

There is a chance that your ex-husband could have some assets hidden. This isn't always the case, but it might be the case if your ex-husband planned the divorce well in advance of the filing. Forensic accountants can help find these hidden assets. Studying tax returns, business financial records, credit card receipts, bank account transactions, investment accounts, and official property registration databases can often provide information about any hidden assets.

It is important realize that hidden assets could make a huge difference in your property division settlement. Finding them all can help you to get the settlement that you deserve.

Effects on credit

If you are planning to use credit to make ends meet while your life settles down, you might need to think again. Divorce can affect your credit. One thing that can impact it is that you won't have the high income that you have now if your husband's income is counted with your income. Another factor to consider is that all your marital debts will still be your responsibility, even if those debts are assigned to your ex-husband during the property division settlement.

When you get a divorce, the matter is between you and your husband. Since creditors weren't a party in the divorce, the terms of the divorce don't bind them. This means that if your ex doesn't pay the required debts, the creditor can still hold you accountable for the debt and might place the information on your credit report.

Settlement negotiations

Many divorces, even those that are high-asset divorces with complex property division matters, might benefit from mediation. This process involves you and your husband working with a mediator to come to the settlement terms together. Faster finalization of the divorce is possible than if you must go through a trial. As you go through the mediation, don't just accept the first offer that is made. Instead, negotiate the terms to get a settlement that will help you start your new life.

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