How to Prepare Financially for Divorce

Even before you begin divorce proceedings, it is a good idea to start planning for the divorce process. Preparing yourself financially and emotionally can help you deal with the expenses and stresses that can accompany divorce proceedings. Here are a few of the most effective strategies to help you prepare for divorce in the state of California.

Open Your Own Bank Account

Most married couples maintain joint accounts to make bill paying and other expenditures easier. If you are considering divorce, you should open a separate bank account, which will help streamline the process for separating your finances from those of your former spouse. This can save time and worry later on in your divorce proceedings and can help you manage your money more effectively in the period preceding your divorce.

Close Joint Bank Accounts

Closing the bank accounts you hold jointly can also help you and your former partner prepare for divorce. By beginning the process of separating your finances, you can ensure the smoothest transition from marriage to divorce and your new life. The process of closing your joint bank accounts will require cooperation between you and your former spouse.

Save Your Money

Divorce can sometimes be an expensive process. Saving up money during the time leading up to filing for divorce can help you manage the costs of hiring an attorney and the court costs associated with your proceedings. By avoiding any major expenditures during this period, you can also ensure that you have sufficient cash on hand to manage moving expenses and other essentials during and after your divorce.

Discuss Matters of Financial Importance

If you and your former spouse have children or if you have other significant responsibilities that must be handled, taking the time to discuss these matters can sometimes provide you with peace of mind and a more streamlined approach to these matters. Some of the most important topics for discussion may include the following:

  • Custody and child support for minor children in your care
  • The division of assets and debts during the divorce proceedings
  • Retention or sale of the family home
  • Living arrangements and spousal support

If you and your former partner can come to an agreement on these issues before beginning divorce proceedings, you can often reduce the time needed to complete your divorce. This can sometimes reduce the cost of legal services and can help you and your former spouse to manage these decisions more effectively.

Document Your Finances

Making copies of your financial documents, including bank and mortgage statements and pay stubs, can ensure that you can provide your attorney with the most complete and comprehensive information on your financial situation. This can often help you make the most practical and beneficial arrangements during the divorce process.

By taking proactive steps to manage your finances during the period leading up to your divorce, you can weather the process more successfully. A little bit of planning in advance can pay off by improving financial stability during and after your divorce.

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