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How to financially prepare for divorce

On Behalf of | Oct 8, 2024 | Divorce, Family Law

If you are considering filing for divorce, or if your spouse is doing so, you may wonder what the next steps are and what you should do next.

There are many essential steps from the beginning to the end of a divorce, and understanding the law and what you must do is critically important. An experienced attorney can help you with this.

Financial preparation

As you begin the process of divorce, however, there are some things that you can do to help make this transition smoother and secure your future. Specifically, thinking of your finances and:

  • Gather financial documents, including bank statements, tax returns, pay stubs, investments and debts you or your spouse have.
  • Determine how much money you need every month and create a budget.
  • Open separate bank and investment accounts, but only when your attorney or the court tells you it is okay to do so.
  • Consult a financial advisor for long-term financial planning.

Your attorney can help explain how property division laws work where you live and what the court would likely decide if the decision is left up to the judge.

The court or your attorney may also offer alternatives to going through the courts, such as mediation and collaborative divorce.

By taking proactive steps to prepare for divorce, you are helping yourself. Thinking about your finances and how the divorce will impact this area of your life is one of the first things you should do if you are contemplating or filing for divorce.

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