How to Financially Prepare Yourself for Divorce

Going through a divorce is going to be a difficult experience no matter your situation. If this is something you believe you will be facing in the near future, it is important to start planning right away. For many people, divorce is as painful financially as it is emotionally, which is why it is so important to start thinking about how a divorce will impact your money situation now. The following are several ways you can prepare yourself financially for an upcoming (or potential) divorce.

Make a List of All Debts & Assets
Having a full list of all your debts and assets will be required while going through the divorce, so start compiling it now. In addition to having it available for the divorce itself, this will help you to get a clearer idea of where you stand financially, so you can start planning for the future.

Identify Whose Name is on What
While making a list of all your debts and assets, make sure to indicate whose name is associated with each of them. Many things will likely be in both names, but not always. Having this information can make it easier to decide who gets what during the divorce, and will also let you know what changes need to be made.

Save Money Now
Divorce is expensive. Adjusting after a divorce is expensive. As such, going into this event in your life without a significant amount of money saved up will be very difficult. The more money you can put away now, the easier everything will be for you down the road. Ideally, you and your current spouse can work together on this, but even if that isn’t the case, it is a good idea to start setting aside some cash to help pay for divorce expenses.

Prepare to Live On Your Own
Taking steps now to help prepare yourself for living on your own is very important. If your spouse currently handles most, or all, of the tasks associated with paying bills, start getting more involved. You will have to do all these things on your own once the divorce occurs, and getting ready now will help make the transition much easier.

Work to Minimize Divorce Expenses
Even the easiest divorces are going to have some significant expenses associated with them. With proper planning, and some civility, it is possible to keep your costs relatively low. If you can use mediation or other strategies to avoid litigation, it can save you thousands of dollars. Even if you do have to litigate, having an attorney who is experienced and well-prepared can make sure things are done correctly. Contact the Law Office of Ray Garcia to see how we can help you get through your divorce into a new chapter of your life!