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Get your financial situation in order before the divorce process

If the time comes to talk to your spouse about getting a divorce, there will be many details that require your attention. For example, it's critical to get your financial situation in order before the process begins. Neglecting to do so will only cause more stress and tension in the weeks and months to come.

While no two people are facing identical financial circumstances, here are a few things everyone in this position should do:

  • Create a budget: Now that you're going to be on your own, it's critical to create a budget to better understand your income and expenses. This may lead you to make important decisions, such as reducing your monthly expenses and seeking new employment.
  • Gather all necessary financial records: You'll need these for many reasons during the divorce process, so it's best to collect them up front. Common examples include pay stubs, tax returns, retirement account statements and bank account statements.
  • Create a property and debt division checklist: This detailed checklist should outline all separate and joint assets and debts.
  • Cancel all joint accounts: For example, if you have a joint credit card with your soon-to-be ex-spouse, talk to them about the best way to manage the debt. You may decide to pay it off together so that it doesn't impact either of you in divorce. Regardless of the direction you take, it's critical to cancel all joint accounts.
  • Seek professional help: You don't have to do everything yourself. You can seek professional help from a family law attorney, financial planner and tax professional among many others. All of these people can answer important questions and help you make the right decisions now and in the future.

Losing track of your finances before and during the divorce process can cause more trouble than you can ever imagine. By following the steps above, you're able to stabilize your situation and better plan for the future.

It's not easy to go through a divorce, but with the right knowledge and guidance you'll find yourself heading down the right path.

Visit our website and read our blog for more advice on the steps to take before, during and after divorce.

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