Financially Preparing for Divorce
Getting a divorce is stressful both emotionally and financially. There is no doubt about it!
There are so many “plates” to keep spinning at the same time, but did you know when you use a collaborative divorce process, you and your spouse are surrounded by a team of experts that are willing to help you keep your “plates” spinning, with an end goal of a peaceful marital resolution.
When you choose the collaborative divorce process, the main goal is to divorce in a way that keeps the family unit intact and staying out of court while avoiding litigation, which can be extremely expensive and time-consuming.
And we are often asked how clients can prepare financially for their divorce. Here are a few suggestions we share with our clients:
- Create a list of all of your assets, income streams, investment funds, retirement plans and debts
- Make sure you can access all of your shared accounts
- Create a separate checking account
- Pay off any overdue accounts if possible
- Hold off on any big-ticket purchases until after the divorce has been finalized
- If there is a business, understand how the income and debts are handled
And most importantly, sit down with a neutral financial professional. They are worth their weight in gold! They will help you, and your spouse find the best path forward financially.
Our team of experts can help you make the right decisions regarding your finances.
The Collaborative Practice San Diego is a nonprofit, multi-disciplinary referral network of independent professionals of attorneys, mental health professionals and financial advisors working together to learn, practice, and promote Collaborative processes for problem solving and the peaceful resolution of family law issues, with an eye toward preserving the emotional, as well as the financial assets of the family.
Contact us today to see how we can help you and your spouse work towards a peaceful resolution for your marriage.
Note: This information is general in nature and should not be construed as legal/financial/tax/or medical advice. You should work with your attorney, financial, medical or tax professional to determine what will work best for your situation.
