Disentangling your life from that of your former spouse takes time and patience. It also requires you to take steps to advocate for yourself and prepare for your financial future. Taking certain actions with regard to your finances may help you navigate the divorce process more quickly. It may, too, help give you a better sense of whether you need to seek spousal maintenance or child support.
According to NerdWallet, how you handle your divorce has the potential to impact the remainder of your life, so when it comes to your finances, consider making the following moves as your split approaches.
1. Take inventory of current and future expenses
Now is the time to develop a very strong sense of what your expenses are and what they may look like in the absence of your spouse. This is critical if you plan to pursue alimony because you must be able to understand what it should take for you to maintain the same standard of living you do now.
2. Gather all financial records and documents
The more evidence you have that shows your marriage’s financial standing, the better. Before having any meetings about your divorce, start compiling bank statements, mortgage statements, credit card bills, pay stubs, tax returns and any other financial documents that may prove relevant in your split.
3. Spend conservatively
It often serves you well to spend conservatively in divorce, regardless of whether you and your spouse share accounts. If you do, draining those accounts could come back to bite you. If you keep your finances separate, overspending during your divorce may lead to financial troubles when the time comes to sign a new lease or mortgage or otherwise start life on your own.
Find more about how to financially and otherwise prepare for divorce on our webpage.