Financial Preparation For Divorce
For many married couples, only one of the spouses has a full access to the financial information. If you are a spouse who is considering divorce but has very little understanding of your financial situation, this article gives some basic information for you to get started. Understanding and collecting a few key documents and pieces of information will arm your attorney with the information they need to start making a plan.
- Gather financial documents. This includes bank statements, credit card statements, tax returns, investment account statements, and retirement account statements. If you are trying to keep your intent to prepare for divorce
- Create a budget. This will help you to understand your monthly income and expenses, and to see where your money is going.
- Get a credit report. This will show you your credit score and any debts that you have.
- Estimate your living expenses. This includes your housing costs, food, transportation, and other expenses.
- Calculate your assets and debts. This will give you a snapshot of your financial situation.
- Talk to a financial advisor. A financial advisor can help you to develop a plan for your finances during and after divorce.
- Consider getting a lawyer. A lawyer can help you to protect your rights and interests during the divorce process.
