The decision to pursue a divorce is usually not an easy one. However, if your relationship with your spouse has broken down, ending your marriage may be the best option for you, your children, and your family. Rather than living in a tension-filled home and dealing with the stress of regular arguments or disagreements over finances and child-related issues, you can make plans to leave this situation and live a happier, more fulfilling life. As you get ready to end your marriage, you can make the process easier by taking steps to prepare for the divorce process and ensure that you will be ready to address the legal and financial issues involved in ending your marriage.
1. Start Saving Money
Your divorce itself will involve a number of expenses, including legal fees, court costs, and money that will be paid to the attorney you hire to represent you. As you prepare to make changes to your living arrangements, you may also encounter a variety of other expenses. You may need to address moving costs and put money toward rent or mortgage payments, utilities, purchasing new furniture or appliances, and other household expenses. To ensure that you will have the financial resources you need, you can begin saving money ahead of time. However, it is important to understand that the money you save will be considered marital property, and you may be required to divide these funds with your spouse along with other assets that the two of you own together.
2. Gather Financial Information
Separating your finances from your spouse can be a complex process, so you will want to gain a full understanding of your assets and debts, as well as the income that you each earn. Compiling information such as bank statements, pay stubs, tax returns, credit card statements, retirement account statements, and other financial documents will provide you with important details about your family’s finances. This will ensure that you will be prepared to make decisions about the division of assets and debts during the divorce process.
...