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When should you start budgeting for divorce?

On Behalf of | Oct 6, 2021 | Family Law |

Before you speak with your spouse and make the leap to filing for divorce, it’s a good idea to get your finances in order. In fact, getting your finances sorted out before you file for a divorce may help you prepare for times when you can’t get access to certain funds or when accounts may be locked.

Divorce can be expensive, and the last thing you want to see happen is that you can’t get into your bank accounts because your spouse locked you out or because the court put a hold on the accounts while you work through dividing your property.

Preparing for a divorce in advance helps you minimize risk

Getting ready for your divorce in advance will help you minimize the chances of being caught off-guard financially. A few things that you may want to do before you speak with your spouse about divorce include:

  • Opening a new, separate bank account and asking your employer to send your paychecks there
  • Setting aside cash that you have easy access to
  • Opening a new credit card only in your name

On top of these steps, you’ll want to get copies of all your financial documents. Having those in advance will make it easier for you to give them to your attorney without having to worry about your spouse shutting you out of accounts or attempting to hide assets.

Make your budget, and stick to it

Once you know where your incoming earnings will be going and have backup sources of income, you can talk to your spouse about your intention to get a divorce. At that time, they may move out of the home, or you both may decide to live separately until you can decide how to divide that property.

You may need to cover the cost of living on your own separately from that point on, so make sure you do have enough savings to support yourself as you work through the divorce and divide your assets.

Preparing for your separation may keep you in a better psychological position as you move forward and keep you financially secure while you handle your divorce.