Divorce is an extremely emotional time in a person’s life, and as a result, it can be difficult to maintain focus on certain aspects of the divorce. Divorce is also costly, and not being financially prepared for your split will wreak havoc on your finances. In order to ensure that you will have a firm financial footing now and after your divorce, follow these 4 tips.
1. Hire a Financial Planner
When you’re emotionally charged during a divorce, scrutinizing your finances down to the penny can seem downright impossible. Hire a financial planner to do the work for you and to help you gain a clearer understanding of your finances as you move through the process of divorce. This is particularly important if you’re going through a high net worth divorce.
2. Separate Your Accounts
If you’ve not already done so, it’s critical to separate your financial accounts from your spouse’s. Take a day to go through your accounts and set up individual ones for savings, checking, retirement, and more. Once you determine that you are indeed getting a divorce, setting up your own financial accounts is absolutely imperative.
3. Get Your Credit Score
If you don’t have good credit, it can cause you to have problems getting a car, buying a house, or doing many other things independently after your divorce. Get an idea of what your credit score is as soon as you know you are divorcing. It’s possible that if your spouse had bad credit and you shared joint accounts — such as a joint credit card — their bad credit could come back and reflect on you. Having a good credit score as you move through the divorce process can help keep the financial aspect of living independently going smoothly.
4. Get Your Documents Together
In a divorce, there’s always a great deal of paperwork. Much of this is financial, so it’s a good idea to start getting your financial documents together now. If you have a lot of different accounts, policies, and other documents, getting them all together and in one place can take time. Get started now and compile your pay stubs, year end reports, investment statements, bank statements, and any other financial document that may be pertinent to your divorce.
Contact an Experienced Divorce Lawyer Today
A divorce attorney can help you get a better handle on the financial aspect of your divorce. Contact Rita T. Jerejian, LLC today to learn more and get the legal representation you need to move forward.