Preparing Your Finances for Divorce

If you’re planning to get divorced, make sure you get your finances in order first.

Getting divorced is never easy. It takes an emotional toll on you and your family, even if you know it’s the right move. Logistically, divorce is difficult for people because they may be struggling with money.

To ensure that you are in a good place with your finances throughout your divorce process, as well as when you are single again, you can start preparing now. Here are some quick tips.

Look Into Your Current Financial Situation

You should check to see how much money you have in your bank account, investment accounts, and retirement account. If you have joint accounts, make sure you have the login information for them so you can access them at all times.

Cut Back on Luxuries

Since divorce can be costly and you may not know how much money you’ll have following the divorce, you should cut back on unnecessary spending now.

Start Saving Money

It’s a smart move to save money if you haven’t already. You could open up a separate bank account and put some money from every paycheck you receive into it. Having an emergency fund with at least six months’ worth of expenses is a solid start.

Check Your Credit Report

Since you may need to make big purchases and take out loans following your divorce, you’ll need to have a good credit score. Make sure your credit report is accurate and that your score is as high as possible. Paying off credit cards and reducing your debt-to-credit ratio will increase your score while closing lines of credit could hurt it.

Contacting Richard P. Arthur

Richard P. Arthur, Attorney at Law, can help you with your divorce. You can call 937-254-3738 for a consultation. He has nearly three decades of experience advocating for families in Dayton and Trotwood, as well as Montgomery, Greene, Miami, Clark, and Warren counties.