Though divorce is more common nowadays, it’s still an enormous and emotional undertaking. If you’re planning to ask your spouse for a divorce, or if you know divorce is inevitable, you can protect your best interests and prepare yourself by being proactive before the divorce process begins. While planning a divorce may feel selfish or callous, especially if your spouse is unaware, it’s important to remember that though divorce is an emotional process, it is a legal process that requires much thought and preparation.
To prepare yourself for your upcoming divorce, make sure you do the following:
1. Consult an Attorney
Legal advice is invaluable before you begin the divorce process, so consulting an attorney is in your best interest. Although you haven’t filed for divorce yet, your attorney can review your situation and provide you with any useful information you may need before you move forward. Your attorney can also forewarn you of any issues you may have not considered concerning things like health care coverage, educational expenses, or retirement accounts. No two divorces are the same, so speaking with an attorney about your case’s specifics can help you better prepare.
2. Prepare Your Paperwork
The divorce process requires thorough documentation. Gather all necessary paperwork for your divorce beforehand so you’re not stressed and scrambling around at the last minute. For example, you will need bank accounts, investments, properties, and other assets, as well as tax information, marriage certificates, and medical coverage. It’s especially important that you make copies of everything, so you have duplicates in case of an emergency. It would be wise to also keep one folder for yourself, perhaps locked in your safe, and give another folder to a trusted friend or family member for safekeeping.
3. Get Your Finances in Order
The divorce process can be financially straining, which is why it’s in your best interest to plan ahead. Take stock of your finances before the divorce process begins. Look over your account information, investments, retirement funds, etc., including anything you and your spouse keep separate from one another. Once you know this information, consider separating your accounts. Once you begin the divorce process, you will need your own checking and savings accounts separate from your spouse. You should consider opening credit cards that your spouse cannot access so you can have the chance to up your credit independently.
Once you’ve gone through your financial portfolio, as directed above, it’s time to buckle down and make a budget. Consider the new expenses you may need to take on during your divorce, such as rent, your own medical coverage, and divorce attorney fees. Once you set financial goals, start saving as much as you can.