Soon after you decide to file for a divorce or learn that your spouse is filing for a divorce, you need to start financially planning for it. Although this isn’t the automatic first step that people think of regarding divorce, it should be. By taking the time to financially prepare early in the divorce process, you can save yourself time and money in the future. Here’s what you should do in order to become financially ready.
Get Your Paperwork in Order
The very first thing you should do when you learn about your upcoming divorce is to get your paperwork in order. Find tax returns, bank statements, credit card statements, and utility bills from the past few years. By finding these important documents now, you’ll end up saving time and money when you meet with your lawyer in the future.
Pay Attention to Your Spending Habits
You should also start to chart your spending habits. Before you go through your divorce, you will need to know exactly how much money you spend in a month. Take note of everything from a daily cup of coffee to your mortgage – it all matters.
Also, pay attention to your utilities, insurance payments, and any other long-term debt you might have such as a car payment. By being fully aware of how much money you need to live your life as it is right now, you can have a better idea of how you want to proceed with your divorce.
For example, you may decide that you don’t want to get your house from the divorce because you don’t make enough money to pay the utilities, insurance, and maintenance on it. Or, maybe you will decide that you do want the house and need to ask for alimony or child support to ensure you and your children keep living a comparable lifestyle.
Once you decide or discover that you will be going through a divorce, it can be tempting to create a personal, secret savings account. It’s one thing to start privately budgeting for your divorce, but it’s another thing to start hiding your money away in secret accounts. Resist the temptation to hide your money, and make sure you are honest about any money you do have in a private account.
Assemble a Team
To have the best possible divorce, it’s important to assemble a qualified team of professionals in your corner. You want to have a therapist to help with mental health, a lawyer to help with legal issues, and a financial advisor to help with financial planning and money management through your divorce process. With help from your team of professionals, you should be able to have a clear and organized path through your divorce as well as a view of what your life will look like after your divorce.
Are You Considering Divorce?
If you are considering divorce, you want a qualified family law attorney to represent you. At Aguilera Law Center, P.A., we are ready to help. Our experts can guide you through the divorce process and answer any questions you might have. Give us a call today at 305-255-FIRM or contact us online to find out what we can do for you.