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5 ways to be financially prepared for divorce

When divorce is imminent, you face the task of splitting every part of your life. Your home, your assets and sometimes even your friends and children. Often, splitting incomes causes financial headaches you did not see coming. If you are considering divorce, there are several ways you can be financially prepared for it.

1. Know your assets

It is not just about the cash you have in your checking account. Your assets can extend into home equity, business profits and even life insurance policies. Take stock of assets you have together before coming to the table to split them.

2. Pull a copy of your credit report

If you have been married for a while, it is likely that most of your accounts are joint, and those can affect your credit without your awareness. Right when you decide to get a divorce, pull your credit report to determine which accounts to cancel and which accounts to remove your name from so you are not left holding debts that are not your responsibility.

3. Determine whose name is attached to which accounts

Is the title to the car in your name? Are you both listed on your mortgage? Is your spouse a beneficiary of your life insurance policy or will? Compile a file of all your loan and account paperwork, so you know who is responsible for what.

4. Cut expenses and start a budget

Even if the divorce is amicable, the reality is that you are going from two incomes to one, or one home to two, and the expenses that come with that. You will want to cut back on your spending and set up a budget that is within your means.

5. Speak to an attorney

If you have a lawyer on your side, you can rest easy knowing that your finances are protected, and your future is secure. Before you start financially preparing for a divorce, we encourage you to speak to an attorney.

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