Divorce can be a very messy process most of the time, but there are things that you can do to make it easier for everyone involved. Before filing for divorce, take some time to prepare your finances. Most divorces get messy because you’ve entangled your finances and assets together with another person. Figuring out where all those assets are, how much they’re worth and what you have a right to is saving time for you down the line.
How should you prepare your finances for divorce?
The first thing you should do is find all of your financial documents and make sure you have access to all of your individual and shared accounts. For a lot of people, this can be half the battle, especially if you and your spouse’s finances are all on shared accounts.
If you don’t have access to a shared account, make sure you have access before filing for divorce if possible. In addition, find any documentation that proves you have a right to shared accounts or assets. Some things that can count as assets or shared accounts are:
- Checking and savings accounts
- Investment accounts
- Loans
- Credit cards
- Retirement accounts
Start preparing for future expenses
Divorces can be expensive. It’s beneficial to figure out your current expenses and plan for future expenses down the line. Things like getting an apartment and paying court fees can eat up a lot of your paycheck during the process of the divorce. Track how much money is leaving your accounts every month as well as how much money is coming in so that you can budget for the future.
It’s wise to consider getting professional help throughout the process. Separating finances during a divorce is naturally complicated, so reach out to an attorney as well as an accountant to figure out the next steps.
