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6 Financial Steps to Take to Prepare for a Divorce

6 Financial Steps to Take to Prepare for a Divorce

DIVORCE:  If you’re thinking about divorce, have you asked yourself how to prepare your money for a divorce?  Here are six (6) steps to help prepare you financially on successfully navigating the emotional road known as divorce.

  1. Perform a financial inventory of your finances, which include income, debt, retirement accounts, bank account balances, and property such as homes, vehicle and valuables for both yourself and your spouse.
  2. Establish the date of separation.  This will be important when income and property are to be split between you and your spouse.
  3. Start separating your finances from those of your spouse.  Open your own bank account after date of separation.  There’s no worse feeling than finding out that money from your paycheck that was direct deposited into the joint account has been removed by your soon to be ex-spouse.
  4. Check your credit reports.  Because of the upheaval of a divorce, you will likely be closing old accounts, opening new ones, and shifting debts, which can affect your credit score.  You’ll want to stay on top of the changes to ensure that nothing is reported incorrectly on your credit report.  There’s a multitude of apps out there that will monitor your credit report for you and give you updates as things change on your credit report.
  5. Start establishing financial independence for yourself by creating a budget, opening your own accounts; and start building credit independent of your partner.
  6. Hire professional help.  (And we’re not just saying this because we are that professional help!)  A divorce attorney can be of benefit by explaining your rights and help get you organized.  Although divorces can be mutually agreed upon, they can also become contentious. An attorney will explain things to you and make sure you are protected while knowing all of the options available to you.

The attorneys at Sommer & O’Donnell concentrate in Family Law. Check out our reviews on Avvo.com and see our website for more information.  You will find that working with the attorneys at Sommer & O’Donnell has worked for countless individuals facing divorce.  Their experience and dedication to their clients are unparalleled and they will make sure your voice is not only heard but listened to.  Give us a call today to schedule a consultation.