How to Prepare Yourself Financially for Divorce

      Comments Off on How to Prepare Yourself Financially for Divorce

None of us want to think about what we would do if we were to get divorced. Yet this is a situation that thousands of couples in the US face every year. In such an eventuality, it will help to prepare yourself financially. Here’s how you can get your finances in order for divorce proceedings.

Be Careful Which Advice You Follow

The laws surrounding divorce, and the ensuing litigation, vary by state. It is therefore important that you make sure that the advice you follow is applicable to your state. There is some divorce advice which is generally applicable, irrespective of the state the divorce is occurring in. No matter where your advice comes from, whether it’s from a friend or it’s something you’ve read online, you need to check that it’s relevant to your state.

A divorce is a trying time, even when things are amicable. It is only natural to worry about whether the decisions you make are the right ones. Your best chance of making the right decisions lies in doing proper research and carefully weighing your options.

Get a Clear Picture of Your Finances

It is inevitable that as a part of your divorce proceedings you will have to present a clear, detailed, and accurate picture of your current financial situation. Preparing this early on will help you considerably further down the line. If you aren’t able to build a complete picture on your own, perhaps because you need to check the status of certain assets, do what you can and then refine it later with the aid of your counsel.

As well as establishing your current finances, you should begin to track your income and expenses. This will allow you to update your financial records and will also help you to reduce your spending. In the run up to divorce proceedings, you will want to try and tighten your belt. Proceedings can be expensive, even with a small settlement. It is therefore a good idea to start being more financially responsible in general.

Gather the Relevant Documentation

Any documentation you have which backs up your assessment of your financial situation should be kept organized together. Having the right documents ready to go will both save time in the future and make the proceedings far less stressful in general. Your attorney will need to look over all your documentation at some point, so they will definitely appreciate you taking the time to organize it beforehand.

If you aren’t sure what documentation is most important, ask your attorney. Working with an established and experienced firm, like Cordell and Cordell, will mean that they have a better grasp on this side of things than a less experienced firm.

Hold Off Any Major Financial Decisions

After going through the effort of establishing your current financial state and tracking your expenditures, it would then make little sense to commit to a major financial investment that will dramatically alter the situation for you.

No one wants to have to go through the process of divorce. However, should the unexpected actually occur, and you find yourself preparing for divorce proceedings, it will help to shore up your financial position beforehand.