HOW TO PREPARE YOURSELF FINACIALY DURING A DIVORCE

May 18

How to Prepare Yourself Financially During a Divorce:

1. Gather All Financial Documents

Collect bank statements, tax returns, mortgage documents, investment accounts, pension plans, credit card statements, and any debts.

2. Open Your Own Bank Account

If you don’t already have one, open a personal account to separate your finances.

3. Create a New Budget

Assess your new income and expenses. Plan for immediate changes and future needs.

4. Know Your Assets and Liabilities

Make a detailed list of everything you and your spouse own (and owe), even things like frequent flyer miles or valuable collections.

5. Check Your Credit

Pull your credit report and monitor it for any new activity. Divorce can sometimes lead to unexpected debts.

6. Protect Your Credit

Close or freeze joint accounts if possible, or make sure both parties agree on how they’ll be handled.

7. Consult a Financial Advisor and Divorce Lawyer

Get expert advice about how best to divide assets, manage taxes, and plan for your future.

8. Plan for Insurance Changes

Update health, life, car, and home insurance policies. Adjust beneficiaries where needed.

9. Think About Long-Term Financial Goals

Your retirement, children’s education, and personal financial goals may need a fresh strategy.

10. Prepare for Emotional Spending

It’s normal to feel emotional, but try to avoid large, impulsive purchases during this time.

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