How will you prepare your finances for divorce?

There is a lot to think about as you prepare for divorce, with your finances at or close to the top of the list.

If you don't take the right steps upfront, it could cause you some trouble in the immediate future.

Fortunately, there are some basic steps you can take to ensure that your finances are in good shape as you move forward with the divorce process. Consider the following:

  • Gather all the necessary financial records. This includes things such as your bank statements, tax returns and payroll stubs.
  • Make note of your debts and assets. You want to know your debts and assets inside and out, as these will come into play during the property division process.
  • Request a copy of your credit report. It's imperative to know where things stand in regards to your credit report, as this will help you make more informed personal finance decisions after your divorce.
  • Open individual accounts. Gone are the days when you should be using joint accounts. Now, you need to have individual accounts. This includes bank accounts, credit card accounts and retirement accounts, among others.
  • Look for ways to cut expenses. Since you'll no longer have two incomes, you need to seek a way to cut expenses from your life. You may be surprised to find that there are many ways of doing so.

These are the types of steps you can take to prepare your finances for divorce. When you do these things, while also knowing how the process will unfold, you'll find it easier to get exactly what you want in the end.

Source: Nerd Wallet, "6 Critical Steps to Prepare Your Finances for Divorce," accessed May 02, 2018

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