Divorce and Your Finances – Steps You Should Take To Prepare for Divorce

man computing expenses

Honestly, no one can completely prepare for the immense toll that a divorce takes on a family. It’s hard to know your true north when your world is changing at lightning speed due to a pending separation.

However, when you and your spouse choose to use the collaborative divorce process, a team of experts will help both of you decide how to progress towards a mutually agreeable settlement.

When we see clients for the first time, either together or in separate settings, we like to share with them some financial steps they can consider taking at the onset of the process. Here are some of them:

  • Compile a complete list of income streams, debts and assets
  • Each spouse should open a separate checking account
  • If you have a low credit score, work to bring it up
  • Hold off buying any luxury or high-ticket items
  • Begin to develop and implement a budget that will closely mimic your post-divorce financial needs
  • Do not take financial advice from friends or family – they are not experts in divorce finance
  • Start getting in the habit of keeping detailed financial records

During a collaborative divorce, a financial neutral will help you and your spouse ensure both of you have considered all the financial aspects of your divorce before finalizing your agreement with each other.

Our team at Family Divorce Solutions is comprised of experienced, licensed and trained attorneys, mental health professionals and financial neutrals. Our goal is to get both spouses together and quickly come to a solution without going to court.

For your divorce, you have a choice! You control the choices and the outcome!

Contact us today to see how our team of collaborative divorce experts can help you prepare for your upcoming divorce without going to court.

Note: This information is general in nature and should not be construed as legal/financial/tax/or mental health advice. You should work with your attorney, financial, mental health or tax professional to determine what will work best for your situation.

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