Preparing for divorce is easier said than done, as you never know how you will feel once the process comes to an end and you’re on your own.
Even if you’re looking forward to putting your marriage in the past, there are some things you need to take care of in the here and now. For example, you need to take a variety of steps as you prepare your finances for divorce. Here are a few things to think about:
- Review your income and expenses, so that you have a clear idea of where things stand
- Gather all the necessary documentation, including bank account statements, tax returns and pay stubs
- Realize that the property division process could throw you for a curve, as you may not get everything you’re expecting
- Don’t make any big financial decisions until your divorce is finalized, as this can add more stress to your situation
- Implement a system for saving money
- Don’t be afraid to ask for help when necessary, such as from a certified financial planner or tax professional
There is no sure fire way to prepare your finances for divorce, but there are steps you can take to put yourself on the right track.
As your divorce moves forward, don’t be afraid to adjust your plan with the idea that you need to do what’s best for you and your future.
You’re going to be stressed. You’re going to face resistance from your spouse during the divorce process. Just make sure you know what it takes to put yourself in the best position for future success.
Source: Nerd Wallet, “7 Ways to Ready Your Finances for Divorce,” accessed May 02, 2018