Prepare Ahead: Minimize Post-Divorce Financial Anxiety
In the high-stress, emotionally charged environment of divorce proceedings, you might be tempted to postpone certain tasks typically associated with adding to the stress level, particularly financial items on the list. In fact, if you were not the money managing spouse, often you are tempted to put off these tasks even longer, perhaps because you aren’t sure where to start or perhaps because you just don’t want to deal with one more frustration. However, in the midst of a divorce you still need to take a few simples steps to organize and prepare your finances.
Consider this short list to minimize some post-divorce financial stress:
- Create a list of individual income and expenses; and of any joint assets and liabilities, including bank accounts, retirement accounts and/or credit cards.
- Gather supporting account statements and tax returns. You should try to collect at least the most recent account statements as well as a few years of tax returns.
- Enroll in a free program to routinely monitor your credit score and confirm joint liabilities do not become delinquent.
- Open a separate banking account. Continuing to use a joint account makes the financial component of divorce messy and confusing, as it is often unclear which transactions were made by which spouse. Opening a separate bank account will protect you in the event your spouse tries to usurp the funds in a joint account.
Despite the difficulties associated with divorce and managing finances, you should accept this as an opportunity to start afresh. You now have the ability to control your finances as you see fit.
Although these tips are helpful, they are simply only a few ways to prepare your finances for divorce. It is important to contact an experienced family law attorney to guide you through such complex matters. At Pollock Begg Komar Glasser & Vertz LLC we take pride in assisting our clients as they prepare for their futures after divorce. Reach out and contact us today to discuss your particular situation.
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