You cannot ignore the financial side of a divorce. You need to prepare for it properly. For some couples, it can be difficult to focus on things like budgets and financial statements during such an emotional time, but it is critical.
The first step is to gather all of the documents that you will need during the divorce itself. For instance, you will want to get tax returns for at least the last five years. You also want to get proof of earnings, such as a 1099 or a W2. It can be wise to make copies of your spouse’s documents, as well, so that they can’t claim to earn less than they do.
Don’t forget about long-term financial questions. Take the time to get paperwork relating to retirement funds, investments, pension plans, life insurance policies and the like. You may not be using these financial assets yet, but they have great value and will impact your future.
Finally, start thinking about how your costs will change. If you’re going down to one income, make a new budget to reflect it. Ask questions about spousal support and child support, if applicable, and learn about your rights. Take the time to consider all of your expenses and how you may need to adjust them to make things work smoothly after you end your marriage.
When you carefully consider your finances from all of these different angles, you set yourself up for success in the future. Be sure you know what steps to take to make that future as bright and stable as possible.
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Author: On behalf of Katie L. Lewis of Katie L. Lewis, P.C. Family Law