Every couple, new or old, dreads the thought of divorce. You not only have to come to terms with the fact that love may have been lost but you also have to start figuring out how to separate your finances.
This is a particularly difficult undertaking on top of the emotional turmoil you’re going through. While you may feel compelled to focus on how separating from your spouse could affect your emotional stability and relationships, focusing on your finances is equally important.
Today we’re going to look at 6 tips for financial clarity in case of a divorce, messy or otherwise.
Before we get started though you should focus on the baseline- that is, looking at your assets and taking note of everything that is yours.
This may be particularly difficult for households who share finances. It may be even more difficult if you or your spouse had any hidden assets the other party is unaware of.
If needed, ask for the help of a lawyer or financial adviser but, in broad strokes, gather up all the documentation you have from tax returns, retirement account statements, insurance documents, trusts, and property deeds.
Now that you’ve got everything in one place, it’s time to look at what else you can do to untangle your finances once and for all!
1 thought on “Getting a Divorce? 6 Financial Tips to Keep You Going!”
All this is very informative, and deserves to be remembered. The one really big obstacle is the attorney, and his cooperation and HONESTY. My attorney and my former spouse’s were in cahoots with each other, and the way they handled this was to delay answers from letters that were sent, deny that letters were sent as they didn’t receive it, go on vacation for a few days, delay answering important mail, and anything else that could be a hitch in completing the job quickly and to the best of their ability. I guess these two reprobates learned how to make money, but never protected their client. My attorney, who had questions on the real estate, that went unanswered, called my real estate agent to get an answer, then billed me for the time. He was NO WINNER. This person was recommended by another attorney. Too bad I didn’t check out both attorneys from the beginning. I say that $40,000.00 was a lot of frivolous waste of my hard earned dollars. I only worked forty some years before deciding to divorce this narcissist, who died three years after the divorce was final. Too bad it wasn’t before that. BTW, I never found out the amount of how much the attorney for my former husband fleeced him for.