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Key steps to financially prepare for divorce

You know that divorce will alter your life in many ways, so taking steps to protect yourself is of utmost importance.

There are many things you can do to financially prepare for divorce, including the following:

  • Make a list of your assets and debts: This will come in handy when negotiating property and debt division. A detailed list should include both separate and marital property, as well as all joint debts.
  • Set a budget for the future: Your financial situation will change as the result of your divorce, so you should immediately set a budget for the future. For example, if your spouse was the primary breadwinner, you'll need to adjust your expenses to ensure you can live on your salary alone.
  • Gather all the necessary documentation: This typically includes bank account statements, retirement account statements, investment account statements, mortgage statements, credit card statements, recent pay stubs and past tax returns.
  • Get help: For example, you can consult with your accountant to better understand the tax implications of divorce.
  • Don't make any big financial decisions: Now's not the time to buy a car or home, give big gifts or run up a large credit card bill. It's more important to maintain financial stability at this time.

As you take these steps to financially prepare for divorce, pay close attention to any roadblocks that could stand in your way. As the process unfolds, use your knowledge to negotiate the best possible divorce settlement. Once you do so, you'll have a clear mind as you move on with the rest of your life.

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