How do I get ready for my divorce?
Rarely do married couples get “quick” divorces. There are many reasons for this, such as the legal requirements of the state. But also, divorce is often a complex matter, the details of which take time to negotiate and finalize. Moreover, even if you are more than ready to end your marriage, you are better served by taking careful steps to prepare for the next phase of your life.
So what measures can you take to better situate yourself post-divorce?
Well, one basic thing to do is to start putting money aside. You need to separate your finances from your spouse’s, so it is a good idea to open a checking and savings account in your own name and start to build a nest egg that could help cover your expenses for the next year. You also want to extricate yourself from any credit accounts that you share with your spouse. If possible, you should get your spouse’s name removed from any such accounts. If you have a joint credit account, you may need to resort to freezing the cards. This way your spouse cannot run up debts that you will be partially responsible for.
And to prepare for your settlement negotiations, you can start to gather up all the documents related to your finances, such as deeds, tax returns, bank statements and investment statements. These documents could be more difficult to get a hold of once the divorce process starts, so it’s best to get them in hand as soon as possible.