Divorce can be a complicated and stressful process. Being unprepared can make it even worse. Here are 10 things you should consider when preparing for a divorce.
- Create a detailed budget to understand your expenses and income during and after the divorce process.
- Determine your financial goals and objectives for both the short and long-term.
- Work with a financial advisor to help you develop a post-divorce investment strategy.
- Consider your retirement plans and adjust them accordingly.
- Review your insurance policies and update them if needed.
- Create a plan to pay off any debts that you and your spouse may have accrued during the marriage.
- Strategize how you will divide assets such as property, investments, and savings.
- Understand the tax implications of the divorce and make adjustments to your finances accordingly.
- Consider the future expenses of any children involved such as education, healthcare, and extracurricular activities.
- Create an emergency fund to help you through unexpected financial challenges that may arise during the divorce process.
This is certainly not an all-inclusive list. When you are ready, schedule a time to talk with a Divorce Financial Professional to talk through your specific situation.