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!