How to prepare financially for divorce

There are numerous costs associated with a divorce. There are the standard costs everyone knows about, such as paying for a divorce attorney to assist you through the process, but you also need to be aware of the less-obvious expenses. For example, if you change your name you will need to pay fees to get a new driver’s license and passport.

Prior to filing the divorce paperwork, you want to get your finances in order. You will have some large expenses coming up in the near future, and you want to be ready. Here are a few ways to prepare financially for an impending divorce.

Gather all your financial documents

When you meet with your divorce attorney, you should provide all paperwork associated with your finances. This includes your checking account, income tax returns, recent pay stubs, ledgers for any loans you acquired, retirement account statements and investment account statements. This allows you to look at your financial state to see how much money you need to save for your upcoming divorce.

Avoid big financial decisions for the moment

You may want to get a new car right now, but if a divorce is in the near future, then you need to delay that purchase. You also want to avoid changing the beneficiaries on your life insurance policy and other documents right now. You can handle all that during the court proceedings. Right now, you should focus on paying for the divorce, and potentially paying out alimony.

Know when to get friendly and financial advice

There is no reason to go through a divorce alone. You should talk to your friends and family. There is a lot of stress associated with finances during divorce, and talking with others can help to vent. You should also seek out the services of a financial adviser to help you sort out your finances.

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