Money is undoubtedly one of the top issues during divorce. The fear caused by not knowing the financial outcome of your divorce is a major source of stress and anxiety. The good news is that you can take action to make sure you are empowered to make the right decisions with your money during the divorce. I believe the number one way to combat any type of fear is to get a plan in place.
When it comes to finances in divorce, many people want to put a bag over their head and cross their fingers that everything will work out with the money at the end of the divorce. This is one of the greatest mistakes you can make during your divorce. Once the divorce papers are filed, the financial settlement is real and there are few options for changing the financial mandates in your divorce decree.
The #1 action you can do to make sure you have a fair financial settlement is to go into the divorce with eyes wide open. Create a list of your assets, debts, and income. Having this information is powerful.
Yes, this is going to take a bit of time but start with baby steps. Set aside an hour each weekend to start to look through statements, on-line accounts, tax returns, etc. These statements and on-line accounts will provide you with the information for the list of important financial information for your divorce.
Quite often, people want to understand who will get what before they understand the “marital pie”. Trying to decide who will get what before understanding the overall financial picture is putting the cart before the horse. When you don’t have all the information, you may make the wrong decisions.
I invite you to click the link below and we will send you our free Empowered Divorce Guide. This is a workbook that will guide you through this process as well as two other vital steps to prepare for divorce.
If you are feeling overwhelmed and would like to discuss these matters with a professional, we offer a free 30-minute call to walk you through the guide and answer your questions.
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Opinions expressed are those of the author and are not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
