With so many details associated with a divorce, it's only natural to feel overwhelmed. You may even feel like you've lost control and have no idea of what you should and shouldn't be doing. This is never a good feeling, but it's 100 percent natural.
There are many steps you can take to financially prepare for divorce, which is something you need to think about upfront. Consider the following:
- Gather all your financial records, including but not limited to bank statements, retirement account statements, investment accounts and real estate information
- Make a list of all your assets and debts, such as through the use of a property division checklist
- Monitor your credit report to learn more about where things stand right now in regards to your credit
- Open your own accounts, as you no longer want to use those that were once shared with your spouse
- Understand your expenses, including the ones that you need to eliminate as quickly as possible (as to ease your financial stress)
- Get the help you need, such as by consulting with a tax professional or financial analyst
It's easy to believe there is nothing you can do to prepare for the divorce process, especially if you have never gone through this in the past. However, there are plenty of steps you can take to get yourself in the right frame of mind.
When you financially prepare for divorce, while also focusing on the legalities of the process, you'll come to find that you feel good about your ability to get past this challenge as soon as possible.
Source: Nerd Wallet, "6 Critical Steps to Prepare Your Finances for Divorce," accessed Dec. 21, 2017