The decision to divorce is one that often doesn’t come as a surprise. Most people can see the signs of when it’s coming. If you know that divorce is on the horizon, it’s time to start preparing.
Divorce is a comprehensive process that involves legal and financial decisions. Preparing for these ahead of time may help you to make logical decisions that are in your best interests. Consider taking these steps if you know that divorce is in your immediate future:
Gather essential financial documents
Divorce involves dividing property and debts. This requires a comprehensive look at the financial picture of your marriage. Start by gathering these documents:
- Tax returns for at least three years
- Recent pay stubs
- Bank account statements
- Credit card statements
- Mortgage and home equity loan documents
- Retirement account statements
- Investment and brokerage account summaries
- Vehicle titles and loan documents
- Insurance policies, including life, health, auto and home
You also need to gather a list of all your monthly expenses and the income of both spouses. If there’s a prenuptial or postnuptial agreement, those need to be reviewed, as do documentations regarding inheritances or gifts.
Consider your immediate needs
Beyond the financial documents, you need to take a look at the immediate logistical concerns. These include how you’ll support yourself and where you’ll live. If you own your marital home, you should consult with someone about whether you should remain in the home or leave it.
Legally ending your marriage is a complex process, so it’s critical to understand your options. It may be beneficial to work with someone familiar with this matter so they can assist you with making logical decisions throughout the process.