Now that the kids are heading back to school, you might want to start planning for something you’ve been putting off all summer – a divorce.
So Many Reasons
Divorce is not something you should take lightly. In light of an ever-improving economy, as well as a turn in the months – a lot of people who have been postponing divorce for various reasons, are now more likely to pursue them. Regardless of your reasons for postponing or pursuing, it’s important you take the time to plan out the next steps.
- Gather as much information about what you own – assets, debts, and sources of income. Make copies of any documentation that relates to these items.
- Save for your divorce. Divorce can be expensive, so you’ll want to be prepared and know which accounts you’ll be using to pay these fees. Keep this money in a separate bank account. Also plan what your future budgetary needs will be – as a single person.
- Consider your credit. You might want to freeze any joint credit cards, and make sure you obtain your own credit report.
- You might want to sell the family home. While this can be a very difficult part of a marriage, it might be the best way to answer how this very large asset will be divided.
Consider Other Options
While divorce litigation might seem like the only option, remember that mediation, arbitration, and collaborative divorce are also other options. These options might offer financial breaks as well because they require less time from a lawyer. These can also aid in the emotional pain caused by divorce because the methods employed in these alternatives focus more on a collaboration and finding an agreement that satisfies both you and your spouses needs.
Source: The Wall Street Journal, How to Plan for a Divorce, September 6, 2014