3 financial steps to take when pre-planning your divorce

| Jun 10, 2021 | Divorce |

You may have realized that, although you tried, you cannot save your marriage. The next step is to file for divorce. Is there anything you can do to get prepared for the process?

Pre-divorce planning is taking steps to make yourself ready for the ending of the marriage. The goal is to make preparations to help you get through the divorce as quickly and stress free as possible.

1. Gather financial information

Get your financial documents organized. Review past and present bank and credit card statements, especially if you do not take care of the bills. Although it may not be something you want to think about, your spouse may be keeping money from you or paying for things you do not know about.

2. Look at your income

Do not rely on receiving alimony to support you. If you are the higher wage earner, expect to see a reduction in your income. Begin now by making a budget for after the divorce and think about expenditures you may make in the future that you do not have now.

3. Keep nonmarital assets separate

Keep any inheritance or gifts you receive separately. For instance, do not put a monetary inheritance into a joint bank account. If your parents gifted you a house, do not put your spouse’s name on the deed. You can also create a postnuptial agreement that states you will keep any inheritance.

Pre-divorce planning may seem harsh, but the reality is preparing may cause you less tension as you go through the process.