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Steps to separate your finances before a divorce

When you are in the middle of a divorce, it can seem like there's no end to the things you need to handle to keep yourself upright. That's because divorce is a major change of life, and adjusting to your new situation will take time.

As you get organized around the various different changes happening, it can be easy to lose track of all the items you need to do. That is why it is helpful to have a checklist for important tasks like separating your finances. In an article aimed toward women but useful for anyone, Forbes discusses a few of the key steps to take alongside separating finances if one wants to build a successful and financially stable future after the divorce. With a concrete checklist, you can make sure you take care of everything you need to by the time your divorce date comes up.

Core steps to separating finances

When taking the steps to separate your finances, here is what you need to do:

  • If you are the one staying in the home, you need to put all the utilities under your own name.
  • Similarly, you need to either remove yourself from the mortgage and property or have your soon-to-be ex-spouse removed.
  • Each person in the separating couple will need to handle their own insurance policies. That includes home and auto insurance policies, too, not just healthcare.
  • Open a separate bank account for yourself and start managing your own money.
  • Have your name removed from joint credit cards and other shared debt (or have the other party's name removed).

Assessing the state of your divorce can help you decide which of these core steps is most vital to your immediate situation. If things are going fairly amicably and both parties are being responsible, then it might make sense to handle risk management items like insurances first. If, on the other hand, your spouse has proven that they are untrustworthy with credit, then it will be vital to first secure your cash and remove your obligations to shared credit accounts.

Building a future

After the initial separation, it is important to develop a plan for your future financial stability. This includes making a financial plan that budgets your money effectively and allows you to stabilize your lifestyle after the divorce is final, as well as seeking out financial advisors who can help you begin growing your money on your own. That way, it will be easier to recover financially from the split.

No matter how you cut it, divorce is difficult on all parties involved. It gets significantly less difficult, though, when you prepare to stand on your own financially.

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