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Answer these questions to prepare your finances for divorce

The primary purpose of divorce is to put a bad marriage in the past. While doing so, you need to pay close attention to your finances and what you can do to prepare for the future.

Here are some questions to answer as you prepare your finances for divorce:

  • Do you have all the financial records you need? This can include but is not limited to bank account statements, retirement account statements, tax documents and pay stubs.
  • Have you taken inventory of all your assets and debts? You must be clear as to which assets are subject to property division, which ones are considered separate property and the joint debt that you hold.
  • When was the last time you reviewed your credit report? This is a must, since you'll be on your own moving forward.
  • Are you ready to open individual accounts? Since divorce is on the horizon, you no longer want to rely on joint accounts. For example, you need to open a bank account and credit card in your own name.
  • What will you do to reduce your expenses? Moving forward, you'll only have one income. This may mean you need to reduce some of your monthly expenses as to better make ends meet.

These types of questions can help you prepare your finances for divorce. As you answer these, many others will come to light, so don't hesitate to answer them as well.

As long as you know how to protect your assets and what to expect during the divorce process, you're in position to successfully forge ahead.

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