Divorce involves not only a complicated, but financially-draining process. Many couples who decide to part ways experience a combination of emotional and monetary concerns. Fortunately, there are things you can do to minimize the financial damage of divorce and prepare for a financially-stable future.
Hire a Financial Advisor
It’s important to have a competent divorce lawyer to get you through the divorce process, but it’s also worth having a financial advisor. Your advisor can help you develop a budget and plan for future spending and provide a comprehensive financial report or analysis that your lawyer can use to justify the settlement of your affairs.
Organize Important Records
You’ll need access to several records as you update your marital status, name, and address, so it’s important to find and organize them. The documents you’ll need include wills, powers of attorney, social security cards, life insurance, company benefit and retirement statements; mortgage statements, car titles, loan documents, payment books, and bank account statements.
Close Joint Accounts
Divorce attorneys suggest closing all joint accounts with your spouse, including credit cards, checking and savings accounts, safe deposit boxes, and investments. Check your credit report to make sure that you didn’t miss anything. Now is the time to open your own account.
Preparing your finances in advance will safeguard your future and increase your chances of getting a settlement in your favor.