Your Starter Pack for Divorce
Have you been contemplating divorce, but aren’t sure where to begin with this complicated process? You need a plan, but sometimes the hardest part is getting started. Yes, this may be a stressful time, but there are steps you can start taking now to prepare you emotionally and financially for a divorce.
1. Get Organized
It is normal not to know where all of your financial documents and statements are at a given moment, but it is so important to get these items organized. Gather all the financial documents that you can get your hands on, even if you aren’t sure if they will be pertinent. This would include bank statements, mortgage statements, investment and retirement account statements, tax returns, paystubs, insurance policies, credit card statements, etc. Make sure you are aware of the assets and liabilities pertaining to your financial life! This can take some time, so the sooner you start, the better.
2. Have Access to Money
Many couples work fine from using their joint accounts during their divorce, but you never know what could happen during this process. As a precaution, it is a good idea to make sure you have access to funds that are in your name only. This could be a credit card, checking account, cash, or a mixture. You will want to make sure you are in the position to hire the team of divorce professionals that will best suit your needs, so make sure you will have the money accessible.
3. Find a Source of Emotional Support
Your brain will be clouded with a mixture of emotions during this process, if it isn’t already. It is vital to your mental health to find an outlet for emotional support. You want to be able to make sound decisions when it comes time, so finding a source of emotional support will prove worthwhile. Everyone is different, so do what is best for you. You may find stability from a divorce coach, therapist, or maybe even just a close friend or family member! Even if you aren’t sure about getting professional help, at least look into your options so that you know what resources are available.
Divorce can be a rocky journey and include some of the most important financial decisions in a lifetime. Are you the non-financial spouse needing assistance with preparing for divorce? Do you have questions about accessing funds to pay for divorce? Contact us today to understand how we help our clients with complex financials navigate divorce.
The Financial Knot® is another business name for Independent Advisor Alliance, LLC. All financial planning advice is offered through Independent Advisor Alliance, LLC, a registered investment advisor.
