A great deal of emotional preparation, frustration and acceptance comes before deciding to move forward with a divorce. However, at the same time, it is vital to also prepare in practical ways. Once of the biggest aspects of this preparation is through the financials. Over the years, you are likely to have become intertwined and interdependent when it comes to income and expenses. So now a process must start whereby you can start to untangle your affairs.
This blog will offer a brief overview into some simple ways in which you can start you get your finances ready for a divorce.
Get an estimation on your expenses
Make sure that you have a realistic view of how much you and your depended spend every month, and anticipate how that might be likely to change in the future. It’s ideal if you’ve already been tracking your expenses over the last few months so that you have some solid records. Don’t forget to take into account not just daily expenses, but things such as appliance replacements and family vacations.
Focus on documentation
The more solid documentation you can gather together, the more power you will have. It can be tedious to do, but it will stand you in good stead for future proceedings. These documents could include checking and savings accounts, investment and retirement account statements and income tax returns.
Preparing for a divorce is never easy, but doing careful research and preparing for any outcome, including resistance from your former spouse is a good strategy to take.
Source: Nerd wallet, “7 Ways to Ready Your Finances for Divorce,” Elizabeth renter, accessed Aug. 24, 2017