Can you financially prepare to get divorced?

On Behalf of | Feb 23, 2022 | Family Law

Getting a divorce may feel like the right decision, but the uncertainty of the process may prevent you from moving forward. Irrational actions without prior preparation may only complicate your situation.

Preparing for your divorce, especially from a financial standpoint, may boost your confidence. Knowing you have what you need to protect yourself may give you the reassurance to keep going.

Gather financial records

Having financial records can provide you with a great deal of protection during divorce. Particularly if your spouse tries to conceal assets or is the primary financier. One of the best ways to prepare is to acquire any login information you need to access joint accounts. Print financial records rather than save them virtually. This way, you have records even if your spouse tries to lock you out of the accounts or change information. Some examples of financial documents you may look at gathering include the following:

  • Investment account statements
  • Retirement savings accounts
  • Income tax returns
  • Paycheck stubs
  • Employment records

Track joint accounts

Once you file for divorce, your spouse may try to withdraw large sums of money from joint accounts. If you notice missing funds, having financial records can help you prove your claim. Keep an eye on account activity and record what happens. If possible, immediately close joint accounts and set up a personal bank account for yourself. According to Psychology Today, one of the hardest parts of divorce for many people is the uncertainty of when they will financially recover. Your ability to start planning right away may help you shorten the time it takes for you to get back on your feet.

Working with an attorney is another way that you can avoid costly mistakes. Legal professionals have the experience to help you strategize a plan so you can keep your divorce from destroying your life.