If you are considering a divorce, it is important that you know what to expect, and know how to get ready for the upcoming process. Divorce can be an extremely emotional and stressful process even in the best situations. However, if you are able to prepare for your divorce ahead of time, it can make the ordeal far simpler and much quicker.
Make sure you know what to expect from the divorce process. Do your own research, but also look to your divorce lawyer for a professional perspective. You’ll want to have a general idea of what to expect from divorce before you start making plans or make any hasty decisions.
Gather the Appropriate Paperwork
Pulling all of your paperwork together can be a big ordeal, and it often takes quite a lot of time. Make copies of the important paperwork that applies to you, your marriage, and your children. This includes documents like birth certificates, marriage license, tax documents, property deeds, paystubs, account information, investment documents, passports, and social security cards. In the event that your spouse becomes contentious and attempts to prevent you from obtaining these documents, it is wise to give a folder of these documents to a trusted friend or family member for safekeeping. Also, keep a set for yourself. All of this information will come in handy once the divorce process gets underway.
Set a Budget
Once you’ve gathered all of your important documents, it will be easier to survey your financial situation. Evaluate your income and how it will change after you initiate a divorce, and take stock of any savings accounts or emergency funds you might utilize during the divorce. Divorce can be an expensive process. Most couples live separately during their divorce, with means you may have to take on a rent or mortgage payment independently. Plus, you will have legal fees to contend with. It is very important to make plans for financial security as early as possible so that you can set a budget for the upcoming months or years as you go through your divorce.
Open Your Own Accounts
Not only is it important to set financial parameters, it is also crucial that you find financial independence and security. This means opening your own checking account that only you have access to. When you are married, you likely shared any number of checking accounts and credit cards. However, if you are planning on seeking a divorce, your spouse could seek to gain control of these accounts. Whether you think you are on good terms with your spouse or not, during a divorce, he or she could become contentious and might attempt to take the money from those accounts, cutting you off. To prevent this from happening, you need only open your own accounts beforehand, thus securing your own financial security.
Monitor Your Credit
The divorce process can be extremely complicated and financially difficult, which can sometimes impact your credit score. If your spouse runs up your credit cards or makes drastic financial moves, it could impact both of your credit scores, if the accounts are linked. Also, the added expenses of divorce can sometimes lead to financial hardships and increased credit expenses. So, the most important thing to do during this time is to keep an eye on your credit score in order to monitor for any unusual changes.
For additional help preparing for your divorce, consider discussing your situation with an experienced Yonkers divorce attorney. Contact The King Law Firm today to get started.