Committed To Getting The Best Possible Outcomes for Clients

How can I financially prepare myself for divorce?

On Behalf of | Jan 13, 2023 | Family Law

Money is going to be a major issue for you in divorce. You should consider the costs of legal representation and your courtroom dates, plus you may need cash for a new place to live. If you have not begun the initial steps of filing for divorce, some financial planning to get you through this time may be of benefit.

Fortunately, creating a financial strategy for your divorce does not have to be a complicated process. U.S. News and World Report describes some steps that may help you through this difficult period in your life.

Create an account list

First, you should figure out all of the accounts that you and your spouse own. This will be crucial since a court will divide your marital property while allowing you and your spouse to keep your separate property. Look for any financial documents at home that indicate the presence of accounts or other assets. Tax returns, W-2 forms, bank statements and retirement account statements from a 401(k) are common examples.

Find money you can access

At the moment you announce your divorce, you might have limited or no access to your marital funds until a divorce settlement divides your marital property. So before you go forward with a divorce filing, you should discover which funds you can get a hold of during your divorce.

Have your own credit card

A divorce proceeding could prevent you from using any credit card you share with your spouse. Applying for a card that you solely own may be a wise move before a divorce. The financial turmoil generated by your divorce might cause a credit card issuer not to approve you for your own card until you have reached a final settlement.

Finally, be sure that you do not start any major financial commitments going into your divorce. Even if you have your own credit card, you should refrain from creating large balances if possible. Sound financial moves may help you to land on your feet once your divorce is complete.