If it’s obvious that divorce is in your future, there is no better time than now to review your finances and make decisions that will put you in the best possible situation.
Here are some of the many things you can do to financially prepare for divorce:
— Focus on your personal finances. Gone are the days of joint finances. Now, it’s all about you. So, apply for a credit card in your name, get your own bank account and take control of your personal finances.
— Review your situation. How much debt do you have? What are your monthly expenses? What types of assets will you have after the divorce process if finalized? You need to have a clear idea of your situation.
— Decide where you will live. This is a big deal for most people going through divorce. Not only is it important from a personal perspective, but the same holds true in regards to your finances.
— Make changes to your estate plan. Now that you are going through a divorce, it’s time to review your will or trust to determine if you need to make any changes (you probably do).
— Think about child support and alimony. There is a chance that you will either receive child support or alimony, or be required to pay one or both.
These are just some of the many things you can do to financially prepare for divorce. When you take these steps and know what to expect along the way, it’s easier to make decisions that put your mind at ease during this challenging time.
Source: Equitable Mediation, “How to Prepare for Divorce – 53 Experts Share Their Best Tips,” accessed June 07, 2017