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The financial burden that many of us have to deal with these days can have a profound impact on many different areas of our lives, from our quality of life in the home, to our physical and mental wellbeing, and even on our relationships with family members, friends, and loved ones. By taking the initiative and sorting out your finances before they become a real problem you can enjoy a far happier life in all these respects.

Far too many people leave financial problems to fester until they get totally out of control, and this can lead to increased stress and problems. As many industry professionals have pointed out it is far better for the borrower to sort out financial issues as soon as they realise that there is a problem, such as realising that they are overcommitted and that their finances are stretched to the hilt every month.

The range of solutions available to help you to sort out your finances means that you can find a solution that suits your needs and situation, enabling you to effectively sort out your finances. The severity of your financial problems will help to determine which route you should take, and some of the options that could help you to sort out your finances include debt management advice, a debt management programme, an Individual Voluntary Arrangement, or coming to an informal arrangement with your creditors with regards to repayments and repayment terms.

Ideally, however, you should sort out your finances before they reach the stage where you may need to enter into an agreement such as an IVA. One of the ways in which you could ease financial strain and avoid future problems is by reducing the amount that you have to pay out each month. In order to do this you should carefully go through your outgoings in order to check whether there are any payments that you could get rid of, such as costly subscriptions and memberships for services that you no longer tend to use, such as gym memberships.

You should also list all of the debt repayments that you are making, such as loans, credit cards, store cards, catalogues, etc. You may find that consolidating all of these debts into one low rate loan could make a big difference to the amount that you have to pay out each month., providing you with a solution that will not involve getting hassled by creditors or adversely affecting your credit profile.

Consolidation of your debts offers multiple benefits, and in addition to reducing the amount that you have to repay each month you can also reduce the number of debts and creditors that you have to deal with

If you are getting a divorce then you need to take charge of the whole matter. One of the most urgent things to consider are your finances: get control of the money or it will disappear. As you do this, learn everything you can about the divorce process so you can manage your divorce. You want to manage your divorce because no lawyer will ever care as much about its outcome as you do. This is why you want to become a divorce expert.

Since your marriage is ending and your future is uncertain you need to begin to take steps to protect yourself. Save money by reducing unnecessary expenses. Also find personal property that you no longer use and sell it off. This will keep you from losing it in divorce or at the very least avoid having something else that must be ransomed or traded.

Cancel Joint Credit Cards

You must have control of your money, cancel all joint credit cards. These are like having your money sitting out on the table for you’re soon to be Ex to help herself. You may well get stuck paying these cards off.

Cancel Joint Checking Accounts

Since trust is broken in your marriage and in the same way you do not want any joint credit cards you also do not want to retain joint bank accounts. If you do not get control here then your soon to be Ex may decide to clean them out leaving you with nothing. If you decide to close the joint account and open a new one, pick a different bank for the new account. This will keep things on the safe side.

Consider 401K and Pension Plans

Consider how at risk your retirement accounts are. It might be best to stop contributions to them since ½ of what goes in might come to belong to her. If you decide to pull contributions, then after things are settled be sure to get back into the plans.

Taxes and Divorce

Be sure to consider the tax consequences in a divorce. Will you be paying child support and not be able to claim the children as a deduction? You don’t want that so make sure you consider this as you work out custody.

Decisive Quick Action

If you take action swiftly and decisively then you can avoid huge expenses. There is no time for depression or procrastination. If you have moved into a divorce situation then act to protect yourself; protecting your finances means protecting your future. This will matter to you a great deal as you move forward and this is why you must take charge of your finances and your divorce. You must learn the divorce process so you can intelligently manage your divorce.

Find a lawyer who will work with you and help you implement a winning divorce strategy. You may need to interview several lawyers, in fact you may want to interview several as part of your strategy. Your lawyer is your representative to divorce court and to your wife’s lawyer and you should be able to work smoothly together.