Planning Divorce

• The Benefits of Divorce Mediation Instead of Litigation
• Developing an Exit Plan When Nothing Else Works
• Tips to Prepare Your Child for an Impending Divorce
• Planning Your Divorce When You're Broke
• Understanding the Difference Between Legal Separation and...
• Choosing a Divorce Attorney
• How to Choose the Right Marital Counselor
• Stress Busting During the Divorce Process
• Preparing for Divorce - Getting Your Finances in Order
• How to Prepare Yourself Emotionally for a Divorce
• Divorce Help - Legal Terminology Explained
• Divorce: What Happens?

By: XSTILLA.COM

If you’re currently going through a divorce, you may be experiencing a myriad of emotions. This can be overwhelming at time. Not only are you dealing with the emotional aspect of a major life change event but you’re also dealing with such issues as the division of property and assets too.

Well, now is not the time to put your head in the sand. Now is the time to take action. You can get your finances in order right now. It doesn’t matter if you’ve never handled the finances before, now it the time to learn what you need to know. By doing this, you’ll not only make the divorce process easier but you’ll also be in a better position to take care of your daily living expenses after the divorce as well. In this article, we’ll discuss the steps you need to organize your finances. Here’s what you’ll need to do: 

Budget: 

Paperwork:

 

• All legal documents

• Bank statements

• Birth certificates

• Credit card statements

• Credit reports

• Loan information

• Marriage certificate

• Mortgage statements

• Retirement or investment account statements

• Tax returns from the last few years

• W-2s 
  

Joint Accounts: 

Establishing Credit: 

While you certainly don't want to incur new debt when starting life as a single person again, you will want to start establishing some type of small line of credit to begin building a solid history for larger financial transactions in the future such as an auto loan or mortgage. 

In conclusion, you can get your finances in order. It may take a bit of effort on your part but you’ll gain peace of mind and will be in a better position to manage your financial affairs after the divorce.

Establishing your own credit history isn't always as difficult as you may think. The credit industry is a rather competitive one, and companies are continually offering incentives and deals to attract new customers, even those without a past credit history. Taking care of joint accounts is another aspect of preparing for divorce and also for protecting yourself for your financial future.

Immediately close or put a freeze on any joint accounts, especially if you and your spouse are at odds with one another to prevent any new debts or charges from occurring without your consent or knowledge. Many people are surprised to learn that if certain documents are needed later on, there are fees in place for obtaining this missing information from your spouse's attorney. Save yourself the money and the trouble by collecting all of these documents now. Some of what you should expect to need include:

If you don’t already have a budget in place that you can refer to, find out what all of your shared financial obligations are on a monthly basis, including mortgages, credit cards, loans, car payments, and any other expenses you may have. List income, investments, any assets or property that's already paid for and make copies of absolutely every document you find.

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