Divorce can be a stressful process, but but a spouse can prepare well for it. Here are 7 things to do before divorce.
Factors to Consider Before Divorce
1. Hire a Good Attorney
Working with your spouse to settle issues such as alimony, child support, child custody, and division of property can be ideal, but spouses may need legal help to sort through these matters. You should hire a skilled attorney to help litigate your case. Investing in an attorney can be beneficial, as they can help you understand your rights and obligations in the divorce process.
2. Organize Your Documents and Finances
Efficiency is key when organizing documents ahead of time, potentially saving you money on attorney fees. Documents you should find, organize, and make copies of include, but are not limited to past tax returns, life insurance policies, bank statements, vehicle titles, credit card statements, and Social Security statements.
A goal in divorce is dividing marital debts and assets equally, which can allow you to have a good understanding of where you and your spouse stand financially.
Begin with determining what assets belong to you, such as pension plans, inheritances, or possessions owned before the marriage. Next, determine what you owe. Obtain a copy of your credit report, which shows any debts you have.
3. Establish Your Own Credit
If you share credit with your spouse, it can be difficult to make large purchases, such as a home or vehicle, after your divorce. If you don’t have your own credit, you should acquire some before filing for divorce. Sign up for a credit card with only your name registered to it.
Establishing your own credit is important in the event that your spouse cuts access to any credit cards you may share. Having access to your own money may help relieve the financial burdens you may encounter in the divorce process.
4. Examine Joint Financial Accounts
Spouses can clean out financial accounts in the midst of a divorce. Regardless of their reasoning for wiping joint financial account(s), you may feel financial stress. You’ll want to protect your financial security by opening accounts in your name alone. Once you open an account in your own name, you can transfer some of the funds from your joint accounts into yours.
Be sure to document the money you spend before you and your spouse enter settlement negotiations. If you fear your spouse may manipulate your accounts, such as savings or investment accounts, freezing your accounts may be a good idea.
5. Plan Your Budget
Before you go through a divorce, you should plan what your budget will be on a single income. You’ll need to figure out your cost of living, personal expenses, and bills once you’re living on your own.
You can begin planning where you’ll live and whether or not you’ll have the same job.
6. Have a Safety Plan if Your Marriage Has a History or Risk of Violence
If your spouse demonstrated violent behavior during your marriage, violence may escalate when you decide to leave. If the circumstances between you and your spouse are volatile enough, you can file for a protection order. However, divorce cases beginning with a protection order may result in being highly contested. An attorney can offer you the best advice for your situation.
7. Focus on Your Children
Divorce can be devastating for you and your spouse, and it’s important to recognize how the divorce may impact your children. If you and your spouse remain civil during your separation, your children may experience less emotional stress. Refrain from involving your children in your divorce. Don’t ask them questions about whose side they’re on, which can be unfair and may cause them distress. If you and your spouse remain calm and balanced, so will your children.
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