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How to prepare financially for a divorce

On Behalf of | Mar 17, 2022 | Divorce

Getting a divorce can be expensive. Dodging a financial bind requires readying yourself.

Having a professional divorce advisor helping you through it lowers the monetary stakes. Even without one, there are steps you can take by yourself that will prepare you for the days ahead.

Track expenses

Many households pay close attention to what expenses are draining savings. Those with extra spending cash may not be applying strict attention. If you are in the latter category, it is time to get ready for the belt-tightening that will likely come your way. Use Excel or a financial tracking app to maintain a comprehensive overview.

Fiscal information plays a central role in the splitting of assets and debts. It also factors into the awarding of spousal and child support. It behooves you to be diligent about gathering even minute spending habit information.

Collect documents

As your divorce unfolds, there are bound to be conflicts over assets. The way to resolve them is with evidence. Make copies of every relevant item. Find statements for credit cards, checking and retirement accounts, and income tax returns. Your advisor can give you a more comprehensive list of documents to assemble. Also, locate a copy of your prenup, if one exists.

Freeze big decisions

You may have life changes in motion when divorce becomes obvious. Maybe your breakup is pushing you to move and buy a new home. Perhaps you are thinking about updating your will. Refrain from committing to these choices until your divorce is complete.

Ending a marriage is stressful enough. You do not need extra pain coming from the money department. The moment a split becomes imminent, prepare for the financial aspect of untying the knot.