At the very least, a divorce is a stressful event. Some divorces take months if not years, straining patience and tempers.
However, advanced preparation can help you avoid much of the turmoil that can take a toll on your wellbeing.
Gather your documents
The task of pulling relevant documents together takes time. However, this will give you a better understanding of your current finances: what comes in and what goes out. The basics include:
- Bank account statements
- Tax returns
- Pay stubs
- Credit card statements
- Retirement account statements
- Investment account statements
- List of assets and debts
Your attorney will need these documents and you should keep copies for yourself. The information will be helpful to you in preparing a budget for the next chapter of your life.
Delay big financial decisions
Do not make any big financial decisions ahead of your divorce. Changes to beneficiaries, retirement accounts and more will occur during the divorce proceedings.
Spend conservatively
You should also refrain from going on a spending spree prior to the divorce. The court frowns upon this kind of activity. You can use your joint and separate accounts as you usually do but you and your spouse should exercise restraint and transparency.
Ask for help
You can rely on professionals to help you sort through the issues that arise and the questions you will likely have about the divorce. The more assets and property you own, the more questions there will be. Your attorney will provide guidance throughout the process, but you can also add others such as an accountant, a financial adviser or a real estate appraiser to your legal team. Along with advance preparation, having professional advice ready as you need it will help you maintain your confidence and wellbeing as you approach your divorce.
