In general, divorce is hard. It takes a toll emotionally, financially and sometimes even physically. Through the constant ups and downs of ending a marriage, it is easy to lose focus and let your emotions make decisions for you. Unfortunately, when this happens, you risk coming out the other side in a less than optimal position. For example, you might be so focused on not letting your husband get your home in Lafayette that you give up other assets that could have kept you financially secure.
By staying organized, you can separate your emotions from the decision-making process so that you walk away with the divorce settlement that you deserve. For some tips to help you prepare for your divorce, read below.
Follow a financial checklist
There are numerous online checklists available to help you get a full accounting of your assets and debts. Your attorney may even be able to provide such a list. A divorce financial checklist will prompt you to gather information about bank accounts, retirement accounts, real estate you and your husband own, tax returns, and even current credit card statements. Once you have these documents, make copies and keep them in a safe place where your soon-to-be ex cannot access them. Also, sit down with your financial advisor and work out a budget that gives you a complete picture of what you will need monetarily from your divorce settlement.
If you have not already started tracking purchases made from your joint bank account, it is time to start. Not only will this help with creating a budget, it can alert you to any high dollar purchases your husband might be making so that you can include those items in the divorce settlement as well.
Open separate accounts
As soon as divorce becomes a real option, open your own bank accounts and credit cards. You will need separate accounts before you finalize your divorce and it is best to fund them in advance. Also, apply for your own credit card so that you can begin building a credit history separate from your husband’s.
Keep it private
When you start communicating with the bank, your divorce attorney, and others, you will want to do so privately, outside of your husband’s influence. Consider setting up a post office box or have your contacts send mail to a trusted family member or friend. You may also want to create a new email account or purchase a new phone on a separate account so that you can keep correspondence private.
If you are considering divorce, there are a several things you can do to keep yourself focused and organized. The above tips can help you get the divorce settlement that you deserve.