If you will be negotiating a settlement through the Alaska family court system before this year comes to a close, you no doubt have numerous financial issues on your mind. Especially if you are a parent, it is only natural to be concerned about your children’s financial needs. Divorce disrupts children’s lives in many ways but can be particularly challenging regarding finances.
Like all good parents, you want what is best for your kids. However, problems can arise during divorce proceedings if you and your ex disagree about financial needs, be it your own or those that are relevant to your children. Keeping several helpful tips in mind can help you protect your financial interests as you work out a fair settlement and help your children adapt to a new lifestyle.
Close your jointly owned bank accounts
As you prepare for a divorce, one of the easiest ways to begin establishing financial independence is to open bank accounts separate from your spouse. You may also want to take similar steps regarding any credit card accounts you might have. Since Alaska operates under equitable property division guidelines with an option for community property settlements, opening a separate bank account can help you lay the groundwork for less stressful proceedings.
Take inventory and estimate the financial implications of a divorce
Especially if you sacrificed a career to stay home full time and raise your family, you might encounter significant challenges to make ends meet after your divorce. In addition to re-entering the workforce, you might have a need to continue your education or to request alimony, etc., each of which carries its own financial implications.
Divorce might spur other types of expenses in your life, as well. You and your children might have to move to a new home. If you are getting a new job, it might necessitate buying new clothes for work. You might even have a need to purchase a new vehicle. It is best to think through all the issues that involve an expense to try to estimate what your financial needs might be in conjunction with your divorce.
Seeking the court’s intervention for disagreements
It’s not uncommon for two parents to disagree about finances when they are working out a settlement for a divorce. However, you don’t have to handle disagreements on your own. A family court judge can make decisions on your behalf regarding any issue that is relevant to property division issues or child custody.
It’s wise to seek additional support as needed. For instance, you can seek clarification of state laws ahead of time, so that you know what to expect when it comes time to determine who gets what, whether the judge will order child support and any other financial issues that are relevant to your case.
