People who begin to prepare for a divorce have a lot on their plates. They are dealing with the emotional impact of an impending divorce, as well as the logistics of moving into a different households. They have to consider the toll it will take on their families, on their professional life and on their social circles. In addition to all of this, it is critical that an individual preparing for divorce also prepares their finances.
If you are considering a divorce, your attorney, like a divorce attorney Tampa FL relies on, recommends that you take the following into consideration:
Monitor Your Budget Closely
When you finalize your divorce and begin living a separate life, you will be working with a reduced budget. Not only are there expenses that come along with divorce, but you also will be relying on one income. It is critical that you understand your current budget and you begin cutting your spending in order to transition to your new budget. If you can, begin saving more money as well.
Begin Establishing Credit in Your Own Name
This is particularly important for individuals who may have been reliant on their spouse’s income for many years, such as women who stayed home to raise the children. If necessary, open up a credit card in your own name and start establishing credit. This will help you secure your own assets after the divorce.
Prepare Your Financial Documents
Start compiling the various documents that you will need to present to your divorce attorney, such as bank statements, investment account information, ledgers for any existing or outstanding loans, income tax returns and pay stubs.
Avoid Seeking Financial Advice from Friends or Family
Divorce is a deeply personal process, and everyone’s financial situation is different. While most people mean well when they offer unsolicited financial advice for couples going through a divorce, it can actually make the process more complicated and stressful. Instead, seek counsel from your divorce attorney and your own financial advisor.
Do Not Make Major Purchases
If you have decided that you are going to file for divorce, it is best to avoid making any major financial or personal decisions until the process is finalized. Now is not the right time to buy a new car or take out a mortgage on a house.
Preparing for your divorce can be challenging in many different ways, but you will be glad that you readied your finances prior to filing for divorce from your spouse. For more information on getting a divorce, contact a divorce attorney today.
Thanks to our friends and contributors from The Mckinney Law Group for their insight into how to plan for a family vacation after divorce.