Divorce is always a difficult situation to deal with because of all of the emotional troubles and technicalities associated with the process. Here are five actions that you should take before committing to divorce.
Understand Your Financial Situation
Another important part of getting divorced is understanding your own financial situation. This is crucial in getting your fair share of divorce settlement negotiations. Failing to assess your financial situation could cause in unjust allocation of funds. You should also take into consideration what financial role you had in your marriage. Mint explains, “evaluate if you were the ‘out spouse’ or the ‘in spouse’. The ‘out spouse’ is the one who has not been involved in managing bills, investments, insurance, or budgeting. This spouse is the one who doesn’t have a relationship with the family CPA, financial advisor or attorney. The ‘in spouse’ is the one who has the experience and relationships to make the post-divorce financial transition without starting from scratch. Naturally, whether you are the ‘out spouse’ or the ‘in spouse’ determines how you secure your personal finance future.”
Your finances are also important in regards to the equitable distribution of assets and debts. Determine what you own, and determine what you owe. Go through your financial records and settle everything right now. If necessary, get a file of your credit report. This can help you figure out more clearly the details of what you owe, and what you own.
Take Time to Weigh Your Options
Before you undergo the transition, you have to absolutely consider all of your options beforehand. This includes whether or not you want to stay or move out of the house and your current financial situation. Coover Law Firm explains that, “you should be as certain as possible that divorce is the ‘right thing, now’ for you and your family, before taking action. Take the time that you need to consider this very important decision, and evaluate whether you are emotionally ready to travel down this road.”
You also need to consider the scope of the divorce in regards to your children, and how you plan on making your spouse continuing to be active in their lives. Communicating with your spouse, even if it’s hard, is essential for the future mental and emotional care of your children.
Hire a Good Attorney
Of course, you will need an attorney to go through any divorce. Conduct a series of interviews with several candidates who have been involved in the field of family and divorce law for at least 5 to 10 years. Finding an attorney you like working with and who you feel will fight as hard as they can for you.
Having an attorney is vital for a smooth transition. They become even more critical if you also need to fight something in the process, such as custody of the child and financial settlements.
Of course, when you are divorced, you no longer have the income contributions of your spouse. This means that you will have to budget your expenses, have a clear indication of what your income is like, and find out what your new cost of living will be. This is even more important if you have to find a new home or living situation. IDFA reinforces, “determining who, if either of you, wants the house. Sometimes the mortgage for a home is just too much for either party, in which the house needs to be sold. Which can delay proceedings. The alternative is that one spouse gives a payout to the other and takes full responsibility of selling the house or making it work.”
It is always better to budget early on as opposed to waiting until after the divorce settlement is over so you are not bombarded with bills.
Close Joint Credit Accounts
Unfortunately, you may have to deal with an angry spouse who may take vengeance by running up a credit account, leaving you to foot the bill. Avoid this situation by closing all credit accounts that are under both you and your spouse’s name. One late payment is grounds to decrease your credit score drastically.
Divorce can be a challenging process, but you can take the initiative by following these steps to ease the transition to a new phase in your life. If this is truly the right decision to make at this time, you won’t have to worry about being happy or not. You can step proudly and happily into an exciting future.