Divorce is one of the most difficult situations one can experience, including from a financial perspective. For this reason, it is important to understand your finances prior to filing and what you will need to do after you file.
Your financial picture
Before initiating the divorce process, ensure you know where you stand with your finances. Gather your bank statements, tax returns, current or past pay stubs and current earnings.
Create a new budget
Once you understand your finances and know what is coming in, you must look at what is leaving your bank accounts every month. Track your expenses if you have not already done so, and consider how your finances will change post-divorce.
Open individual accounts
Make sure you are ready by proactively opening accounts to store your money. After the divorce, you will need accounts in your name.
Consult with professionals
Speak with a financial advisor about your financial reality and goals, as well as an attorney who can help you estimate what your financial obligations may look like, if any, after the divorce. You may have to pay child or spousal support, for example, and an attorney can help advise you on whether you will or will not be responsible for these expenses and when.
An experienced family law attorney can help by providing legal advice and advocating for your best financial interests during and after divorce. Ensure you consult with them and be transparent about the above.