How to Get Your Finances in Order for a Divorce
Before divorce proceedings, do your best to get organized on all financial statements, accounts, assets, and debts in your partnership. Oftentimes, women are kept in the dark about their financial situation, so try to do some investigating and figure out the financial standing of you, your spouse, and any joint accounts.
Do not make any large financial expenses while you are preparing for a divorce, and apply for a credit card in your own name if you haven’t already.
Start preparing yourself to pay for the divorce. Even in uncontested, friendly divorces, the act of getting a divorce is an expensive one, so it’s best to start preparing for the financial cost as early as possible. Keep diligent records of all expenses during the divorce process, and note any large or irregular expenses your spouse may be making with your joint accounts.
Divorce may have changed your retirement plans, and it’s important to look into how your divorce will impact your retirement accounts. Speaking to the HR department at your work to see how the divorce will impact your employment benefits, in particular your health insurance, is also crucial in devising a financial plan for your life post-divorce.
After your divorce, if you are changing your name, make sure you make these changes for your driver’s license, Social Security Administration, bank accounts, insurance agencies, and more. Talk to your healthcare providers about changing your emergency contact, and make sure to make any changes if you have a living will (which you should!).
And, finally, relax. Divorce can be a financial and emotional stressor in your life, but I am so proud of you for taking this step to better your well-being and open up your future to so many new possibilities!
Source: https://money.usnews.com/money/personal-finance/family-finance/articles/financial-steps-to-take-before-during-and-after-your-divorce
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