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Preparing Financially for Divorce

If you are planning to file for divorce, there are three simple steps that you can do now that will greatly help when you are in the actual divorce process.

  1. Know Your Finances.  This is more easily said than done at times, but prepare yourself.  Find out what retirement accounts you and your spouse have; find out what bank/investment accounts you and your spouse have; find out what debt you may have.  If you are not the one in control of the finances or you simply do not have access to them, do the best that you can.  Knowledge is power in a divorce and the more you know about your assets and debts, the better off you will be after the divorce is complete.
  2. Make a Budget.  Whether you are a millionaire or someone who lives paycheck to paycheck, the change from one or two incomes supporting one home single paychecks supporting two separate homes is difficult, and will likely require a change in your lifestyle.  If you know what it is going to take for you to survive on your own or to live comfortably, the better you will be.  Again – knowledge is power.
  3. Prepare For the Future.  If you are low in cash, you can apply for a credit card now.  If you think your spouse is going to cut you off financially, you can start to put some money aside now.  You will need to disclose the funds, but you have the right to have some funds set aside for yourself.

Divorce is a difficult process, and the attorneys at Howard Family Law, LLC work use our knowledge, compassion and support in order to move clients forward into new phases of their lives.

If you have questions related to a possible dissolution of marriage, child custody questions, or parenting time concerns, please do not hesitate to contact our office (952) 224-9410