Divorce is an extremely personal situation and can be emotionally, mentally, and physically draining. The financial impact of a divorce can, to some, be even more daunting then then the legal separation itself. However, we have provided some simple steps to make the financial aspect of divorce a little less daunting:
- Gather and keep records of all financial documents. Having important financial documents available, as opposed to trying to retrieve them from your ex or a bank, can help you save both time and money.
- Get a copy of your credit report. This serves a dual purpose. First, you can monitor your credit report to make sure that your ex is not charging items on your joint credit card or dissolving martial assets. Second, if you don’t have credit in your own name, you can begin to establish it. Without credit it will be very difficult to obtain loans for a house, car etc..
- Create a budget. This will help you create a realistic picture of your income and expenses while living on your own. In addition, it can serve as proof of the lifestyle that you once maintained during the marriage.
- Begin to open accounts in your own name. Opening your own account is another way to establish credit on your own and ensure you are the only person with access to your income. Most financial advisors recommend using a different bank than the one you used for your joint accounts.
Don’t despair just yet! If you are considering a divorce, going through one, or just have questions about your financial situation during the process, feel free to contact us at 757-656-1000 or by email at email@example.com. We are happy to answer your questions or point you in the right direction. We will get you the information that you need.