What Should I Include in My Divorce Planning Checklist?
Posted on June 13, 2019 in Divorce
Thinking about the end of your can be emotional and intimidating, due to a fear of the unknown and what comes after the dust settles. In many divorce cases, a couple may have experienced problems in their relationship for a while, which ultimately led to the decision to separate. If it seems like divorce may be on the horizon, planning ahead can benefit you in the long run, especially considering all the decisions that need to be made.
During the planning process, it helps to document everything, from bank statements to credit card receipts. This ensures you will have proof if any aspects of your divorce are contested and you have to fight out the details in court. It is also a good idea to seek legal counsel to ensure you so you are protected both legally and financially.
Steps for Planning Ahead
Before filing for divorce, you should think about where you will live and what your income and expenses will be post-separation. It is imperative to take inventory of your shared financial affairs, including investments and insurance policies, as well as other assets like houses, vehicles, and more. Make photocopies of deeds, insurance policies, and other financial documents. You should also write down all the account numbers for banks accounts, investment and retirement accounts, credit cards, and car loans. This way, you will know what you are entitled to as your share of the marital assets.
Divorce can be expensive. Start saving money as soon as possible to ensure that you will have enough to cover the legal fees. You should also know the costs of moving and what your new rent or mortgage will be at a new residence. You want to avoid accepting a divorce settlement that does not provide you with the financial resources you deserve just because you are desperate. It might also be helpful to speak to a financial advisor who can recommend the best financial strategy to fit your needs moving forward.
If you move out of the marital home, it is smart to get a post office box to ensure that you do not miss any important mail, especially if you receive checks or time-sensitive legal documents to sign. You will likely want to set up your own email address for privacy reasons if you shared one with your spouse during the marriage.
When a divorce includes children, you need to arrange a time and a place when you will tell the children you are divorcing. You should try to use appropriate language the kids will understand, while reassuring them that you both still love them and the divorce is not their fault. It is also never too early to figure out how you are going to raise them as divorced parents. That includes working out child custody and parenting time arrangements that are agreeable to everyone while protecting the best interests of the children.
Contact a Wheaton Divorce Attorney
Going through a divorce can be difficult, and you do not want to make any hasty decisions or mistakes that could cost you in the end. Our DuPage County divorce lawyers will guide you through the steps of the divorce process, ensuring that you consider everything that could impact your future, especially financial matters. Contact the Andrew Cores Family Law Group at 630-871-1002 to schedule a free consultation.
Sources: https://www.investopedia.com/articles/personal-finance/093015/divorce-planning-checklist-what-you-need-know.asp
