Divorce planning is preparing yourself for the legal and financial consequences of ending your marriage. Divorce is difficult and emotional, but careful planning can help you navigate the process and ensure that your interests are protected.
The first step in divorce planning is to gather all of the relevant information about your finances, including your income, expenses, assets, and debts. You should also make a list of any joint accounts or assets that you and your spouse share, such as bank accounts, investments, and property. If you come across a document that relates to your spouse’s income, expenses, assets or debts, make a copy or take a picture so you have that information as well.
Once you have a clear picture of your financial situation, you should consider hiring an attorney to help you navigate the legal process of divorce. Surratt Law Practice can help you understand your rights and obligations, and can work with you to develop a strategy for achieving your goals.
In addition to working with an attorney, a financial planner or accountant can help you manage your finances during and after the divorce and help you develop a budget, plan for taxes, and make decisions about the division of assets and debts.
Keep in mind, divorce can have significant financial consequences, both in the short-term and the long-term. You may need to adjust your lifestyle and spending habits in order to live within your means, and you may need to make difficult decisions about the division of property and assets.
Finally, it is important to take care of yourself during the divorce process. Divorce can be emotionally and physically draining so prioritize your health and well-being. You may want to consider seeking support from friends, family, or a therapist to help you manage the stress and emotions that come with the process. In summary, divorce planning is an important process that can help you prepare for the legal and financial consequences of ending your marriage. By gathering information about your finances, working with legal and financial professionals, and taking care of yourself, you can navigate the process with
confidence and protect your interests.
by Abigail L. Jaquette, Esq.