Considering Divorce? 5 things to think about before you file
Review Your Finances
Choosing to file for divorce is never a fun or easy decision. Yet if one or both of you agree it’s time to go your separate ways, the process can become more complicated than simply moving out and changing bank accounts.
Whether or not you and your soon-to-be-ex-spouse combined finances or not, your financial situation is important to begin taking the next steps once you file for divorce. It’s crucial to make a list of both your and their income, individual and marital assets and debts.
Knowing your financial situation also helps you determine your divorce spending and savings plan as you move forward with finding a new place, hiring a divorce support team and other goals.
2. gather Your Financial Documents
Because divorce cases rely on paperwork, gathering this information prior to filing and/or hiring a divorce lawyer and Financial Planner makes the process smoother.
These documents can impact the outcome of your case, so it’s essential to make an inventory of them and secure them in a safe place that only you and a designated person can access. It’s a good idea to make a copy of any joint accounts, as well, in the event that your ex-spouse makes them inaccessible.
These files include, but are not limited to:
Employment records (income, benefits, retirement accounts, etc.)
Income tax returns (personal and business)
Property deeds
Phone, mortgage/rent, car bills and other expense records
Bank and investment account statements
Social security, pension and/or retirement accounts
Debt records
3. find a Divorce Lawyer and a Financial Planner
Your divorce support team can consist of a lawyer, mediator, Financial Planner and therapist. While every divorce doesn’t require legal or financial representation, it’s best to have them on your side when you need them.
The two key players for settling your divorce are your divorce lawyer and Financial Planner. Your divorce lawyer will help you understand your options after you file, as well as your rights and other important factors. Your lawyer makes navigating through the twists and turns of your divorce less scary as they can anticipate and avoid issues to bring you to your desired outcome.
Your Financial Planner and divorce lawyer usually work together as some legal matters may be (or become) financial. Your Financial Planner assists you in creating the bigger picture of your divorce—such as how your finances will be affected during and after your divorce as you start over.
4. Consider Where You’ll Live
If you don’t want to stay in the home you and your ex-spouse share (or if they choose to stay or move out), you’ll need to decide where you’ll want to live, as well as how it affects your divorce. Where you choose to live during and after your divorce can affect your case when it comes to child custody.
Your moving plan involves securing a place before you and your ex-spouse separate. Whether you find an apartment, or move in with a family member or friend, make these arrangements ahead of time.
Determine If You’ll Need Child and/or Spousal Support
If you have children, your divorce can affect their mental health—and impact your financial stability to care for them. When it comes to your expectations for visitation and custody, you may also need child and/or spousal support.