Divorce and finances

Your finances are always going to be important and divorce definitely doesn’t make things any easier. Your financial situation is about to change drastically, so it’s best to get prepared. First thing to do is to make a master list of your financial situation. Make sure to include all your assets and your debt. You should include all the interest rates on your debt as well. It is also important to establish the equity of your home and to appraise the house if so is needed.

You should also try to distinguish between your marital property and property you held prior to marriage (depending on how long you’ve been made, this can be easier said than done!). Gather all the information relating to your retirement account(s) as well. Doing these things prior to obtaining legal counsel can get things moving so much faster and save you a lot of money and saving money is very important! It’s best to save as much as you can. If you’re not in the habit of saving, take the plunge and start! Things are going to be different when you no longer have another paycheck. You should also prioritize what assets are important to you. Just because you love the house, doesn’t mean it financially makes sense to stay in it! After you gather all your information and figure out your mind set THEN consult counsel.

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