When a person in Leesburg decides to end their marriage, that person may experience many different emotions. There may be sadness that the relationship did not work out, and anger at the soon-to-be ex-spouse for any behaviors that lead up to the divorce. However, there may even be relief that an unhappy relationship has come to an end, and perhaps even happiness at the thought of getting a fresh start. With all of these emotions swirling in a person’s head, it can sometimes be difficult to think pragmatically. However, it is important not to let your emotions cloud your judgement, especially when it comes to finances and divorce.
Once you know you are getting a divorce, get your hands on financial documents, such as bank statements, retirement account information, credit card balances, paystubs, tax returns and information regarding loans. It can also help to gather an inventory of all your assets. With this information, you can be prepared for the property division process that is part of getting a divorce, and you’ll have the big picture of your finances. This could help in developing a post-divorce budget.
In addition, do not make any significant changes to policies, such as life insurance policies, wills or other documents. These changes should be hashed out during the divorce proceedings. A change in beneficiaries after you have separated, but before the divorce is final, could lead to an undesirable result when it comes to property division.
Also, if you are unsure about anything regarding money and divorce, don’t rely on advice from friends and loved ones. Even if they have the best of intentions, they may not be very knowledgeable about divorce laws in your state.
When a couple gets divorced, it can be easy to be swept up in an emotional mindset. However, financial decisions made during the divorce process can affect a person for years to come. Therefore, it is important to carefully work through any property division issues and other divorce financial issues in a manner that is objective and meets your best interests.
Source: USA Today, “7 ways to ready your finances for divorce,” Elizabeth Renter, May 31, 2017