You may have been surprised by a spouse who suddenly wanted a divorce. You may have been the one who had the idea, and perhaps you were thinking about how to move forward with the dissolution of your marriage for a very long time. Regardless of why you're currently divorcing, it's time to get serious about your financial circumstances.
Beyond the emotional aspects of bringing your love union to an end, the financial parts of this equation are crucial. With this in mind, here's some excellent advice that all Montana spouses should consider if they're in the midst of a divorce.
Preparing for the financial aspects of your divorce
Depending on how you and your soon-to-be-ex managed your marital responsibilities, you may not have been the one in charge of finances. You might know how much you have in your budget to spend, but you might not know how many bank accounts and investment accounts you and your spouse own together. You may also be unfamiliar with how much debt the two of you have together.
Here's what you should do to prepare financially for your divorce:
- Get a handle on your joint finances: If your spouse is the one who managed the family accounting, you better get schooled on your joint marital financial situation fast. This will assist you in negotiations during asset division. You'll be less likely to get into disagreements, too, as you'll always have a clear picture what you want and what's going on. It will also serve to reduce your stress considerably when you know the facts about your financial circumstances.
- Estimate your budget for living solo: You won't benefit from sharing the bills when you're living on your own. Life, in some respects, will be more expensive, so make sure you plan for that and that you have enough money and income to support yourself independently.
Are you financially ready for your divorce?
Some spouses will find the financial aspects of divorce overwhelming and over their heads. If this is the case in your situation, it could be wise to consult with a financial professional and legal professional who has experience assisting divorcing spouses in navigating issues relating to asset division, alimony and child support.