If you’re considering separation or divorce there are several very important things you need to consider regarding your finances. Here are a few helpful tips. You can also use the checklist below as a guide to help you be as prepared as possible.
Add up expenses: Take the time to crunch some numbers so you have an accurate picture of exactly how much money you will need to pay all the household bills. It’s vital to know if you can afford to cover all the costs on your own if needed.
Gather documents: You’ll most likely be required to exchange certain financial documents with your spouse and their attorney, including tax forms and bank statements. If you’re like most people, it will take some time to gather all of these documents so it’s smart to begin as soon as you can.
Do you need to move: Determining where you and your family will live during a separation or divorce is something you’ll probably have to consider at some point. Will you sell the house? Will you stay? Will you move out and your spouse stay in the home? These are all things you’ll need to figure out and the sooner you do, the better off you will be. Moving can be expensive so knowing in advance will help make the transition smoother.
Debt: Most divorces happen due to stress related to finances. Sitting down and calculating your debts and liabilities is one of the first things you should do. This includes both your individual debt and debt you incurred as a couple. Your attorney can help you determine which debt counts as marital and what counts as individual.
Bank Accounts: Do you already have your own account? If not, you should open on right away. If you and your spouse do decide to start the divorce process you’ll want your own account that no one else can access.
