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How can you prepare financially for a divorce?

May 30, 2019 | Firm News

As you prepare for your divorce in Colorado, it is important that you are financially prepared to take on a life of your own. Because many couples are used to living on two incomes, it can be difficult to suddenly have that amount cut in half, even if you receive a settlement and child or spousal support. To prepare yourself financially for an upcoming divorce, Mint offers a few practical suggestions.

First, focus on administrative tasks. This involves closing any joint accounts you have, removing your spouse’s name from employer records and credit cards and opening a new credit card and bank account in just your name. You will also want to change any wills or trusts you have set up to remove your ex-spouse as the beneficiary.

If you are the spouse that does not handle the paying of bills and other financial tasks, it is time to develop a relationship with the family financial advisor or CPA. It may be a good idea to meet with a qualified financial advisor before finalizing your divorce to make sure the assets are separated fairly.

When you know the divorce is coming, you have time to start tracking your expenses and determine how much you need each month to live comfortably. Track things like rent, groceries and medical expenses. This also helps when you determine alimony or child support before the divorce if finalized.

It is recommended that as soon as you decide to file for divorce, you begin separating your finances and setting up your own accounts. The more time you must get ready, the more prepared you will be when you are officially living on your own.

This information is for educational purposes and should not be interpreted as legal advice.

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