No one likes the idea of preparing for a divorce, but one of the best things you can do to protect yourself is to prepare your finances. After years of living with someone and having your finances entangled with theirs, it can be hard to separate assets. The best thing you can do is go through your finances with a fine-tooth comb. This will help you get a better understanding of what you and your spouse share, what’s owed to you and what life after the divorce will look like for you.
What’s the first step in preparing your finances?
The first step in preparing your finances for divorce is going through all your financial documents. This includes credit card statements, loans and any paperwork that proves ownership of any joint assets.
You will want to take inventory of all the things that have your name on it and what might have to be negotiated in court. This is especially important if either you or your spouse is contributing more to your household’s finances or if one of you has spent more money on investments.
How do you plan for the future?
After you have figured out all of the assets in your name as well as what you share with your spouse, it is important to consider what might happen during and after the divorce. Think about how much you bring in monthly, what expenses you have and how much the actual divorce is going to cost you.
There are other expenses that come along with divorce aside from attorney fees. Things like finding a new apartment and finding new childcare could be expensive.
Don’t hesitate to reach out to an attorney if you have any questions. An attorney may guide you through the process of planning for your divorce and help ensure that things go as smoothly as possible.