Getting ready for a divorce means that you have to plan for financial matters. There are several aspects of your finances that you need to think about.
One thing that you have to remember is to turn to professionals instead of to friends and family members. While they might mean well, divorce is a sensitive time for your finances, so there is little margin for error.
As soon as you know that you are going to get a divorce, you should begin separating your finances from your soon-to-be ex’s. This means closing out joint accounts in favor of individual accounts. This might sound basic, but dealing with the creditors might not be as easy as you think.
Make sure that you track the expenses that you incur related to the divorce. Things like medical bills for the children should be addressed during the child support phase of the divorce. Other expenses might also be important. If you are receiving child support or spousal support, keep track of those payments. Also keep track of any money that you give to your ex for your share of bills.
Take a crash course in your marital finances if you haven’t been involved before this point. By becoming as familiar as you can with the finances, you can likely spot errors or missing links when you are going over things for the marital property division.
In all things financial, proper disclosure and execution are vital. As tempting as it might be to clean out the accounts and run up all the credit cards, this might work against you during the divorce process.
Source: Mint.com, “Preparing for a Divorce: Personal Finance Tips from the Pros,” accessed June 15, 2017