Preparing for Divorce
17 Practical Steps to Take to Prepare For Divorce
- Provide a detailed narrative to your attorney, outlining key dates like when you started living together, got married, your children's birthdates, any prior separations, acquisition dates of assets, and details of separate property or inheritance.
- Gather essential personal documents for yourself and your children, such as social security cards, birth certificates, medical records, and any relevant religious documentation.
- Collect information about your assets and debts, including financial statements, tax returns, retirement plan documents, brokerage statements, social security statements, and insurance policies.
- Obtain thorough details about each retirement plan you and your spouse are involved in.
- Evaluate which assets you wish to keep in the divorce and consult with a divorce planner about the tax implications of different options, including investments and the marital home.
- Obtain estimates of property values and list debts owed, paying bills and joint credit cards from shared funds before separation.
- Document the contents of your safety deposit box with a list and photographs.
- Prepare a spending history for the past year from your checkbook register to anticipate future needs and identify areas to cut back if necessary.
- Address any necessary repairs to your vehicle and home, and attend to dental and medical checkups before separating.
- Set aside cash reserves for the initial months of separation and legal fees, transferring your share of joint funds to your separate bank account.
- Apply for credit cards in your name, ideally with check-writing privileges.
- Close joint credit card accounts post-separation, gain control of both cards, or inform creditors that you're no longer liable for your spouse's charges.
- Establish a post office box for your mail before and during the divorce process.
- Start a divorce notebook to document all issues related to separation and divorce, including steps taken, calls, and meetings with your attorney and divorce financial planner.
- Face the potential challenges of divorce head-on by considering worst-case scenarios and researching available community resources.
- Explore career opportunities to transition into a more fulfilling future amid the divorce crisis.
- Seek support from a therapist or support group to navigate the emotional challenges of divorce effectively.