Once you decide that divorce is imminent, you’ll want to turn your attention to the future. This means many things, including getting comfortable with the idea that you are now single. Along with this, you’ll want to prepare yourself from a financial perspective as well.
The way you financially prepare for a divorce may not be the same as the next person, but there are a few things you can definitely do to help yourself out. Here are some tips:
- Gather all the necessary documentation. From bank statements to life insurance policies, you need to gather anything and everything associated with your finances.
- Meet with a professional. Could you benefit by meeting with a tax professional or financial advisor? If so, it’s worth doing so as soon as possible.
- Create a property division checklist. You need to know which type of property is subject to division, as well as what is not. Don’t forget that your debts will be divided as well.
- Open separate accounts. Now that divorce is on the way, you don’t want to share your finances any longer. You need to open your own accounts as to protect yourself and to better prepare for the future.
These may not be the only steps you take to financially prepare for a divorce, but they are among the most important.
When you combine these steps with knowledge of the divorce process, you’ll feel better about your ability to finish things off and move on with your life. There will be challenges along the way, but you don’t have to make any mistakes pertaining to your finances.
Source: USA Today, “Get financially prepared before getting a divorce,” accessed Dec. 05, 2017