There are many stages to a divorce. Within each stage, different items must be reviewed that will help both parties come to an agreement on child custody, support, property division and more. The biggest stage to prepare for is the financial aspect of a divorce. There are several goals that should be completed, not only to properly prepare you for divorce, but to help you after your divorce. Here are just some financial steps you should take prior to divorcing:
Pay Off Old Bills
Paying off old bills is a great start to preparing your finances for the process of a divorce. If you cannot pay off your old bills, make a payment plan that will help you pay off these debts.
Separate Checking and Savings Accounts
If you currently share bank accounts with your soon-to-be-ex, it may be a wise consideration to separate funds now. Note: Please consult with your attorney prior to doing anything that may seem harmful to your spouse. Separating finances means only taking what is yours and dividing the finances in an amicable manner.
Learn About Current Finances
Learning about all of your available finances, bank accounts, taxes, investments and insurances is a wise financial consideration to take prior to divorcing. If your spouse typically took care of those items for you, now is the time to learn about them so you can manage your own in the future.
You should also clearly decide what your monthly expenses currently are, what assets you can determine that may be yours, and income levels. If you are ready to begin the process of a divorce, contact Harden Law Firm. Harden Law Firm can help you through this difficult time. Let us answer any questions you have about the financial impacts a divorce can have and learn what your options are.