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There are a few steps you can take to prepare yourself for your divorce and ease its financial impact. While they may seem obvious, they often are not for those going through extremely chaotic and emotional times.
Most importantly, keep a clear, calm head. It can be difficult to keep a cool head in the midst of a rapidly deteriorating marriage, but you have to do your best, because if you don’t, your divorce can get much more stressful than it needs to be.
Obtain and keep copies of
These papers tend to disappear when they are needed, so keep them in a safe place.
Also keep a comprehensive list of account numbers for everything, including cable companies, car loans, student loan, etc.
Divide joint accounts. Call up the issuers of joint credit accounts. Have yourself removed from accounts where you are listed as an authorized user. Your lawyer will be able to help you handle the splitting up of the more involved joint accounts, such as business assets.
Plan your budget around a new life. Your income and expenses will likely change, and usually living alone is not as cheap as sharing expenses with a spouse – especially if you’re going to have to pay child support and alimony. Budget your money so you have enough for a deposit on a new house, or on an apartment to rent.
If you’re short on cash, you may wish to prepare yourself mentally for the period of adjustment during which you may want to live as inexpensively as possible and do things like rent furniture to ease into living with reduced means.
Don’t forget to plan for your death. Adjust your will, trusts, powers of attorney, your beneficiaries for your life insurance, Social Security, etc. if you desire.
Planning a Divorce?
If you are considering a divorce, please contact us today for a complimentary consultation with an experienced family law attorney who can vigorously defend your best interests throughout the proceedings.