Divorce Financial Planning
Divorces are tough. Because of the emotional turmoil, it can be tough to get back on your feet and make the smart decisions you need to.
At the beginning of proceedings are the critical moments where you need to put in the ground work for your financial future. Here are some tips for financial planning for after a divorce.
Before You Pull the Trigger
Before you ever file for divorce, make sure to talk to a financial adviser. This is your first step.
After that, it's time to start compiling information. Get copies of your monthly back statements, your tax returns. Make sure your taxes are up to date. Look through shared deposit boxes and note if shared contents need to be separated.
Whatever you do, don't make a big purchase before a divorce. That can complicate matters severely.
Things to Make Sure of While Going Through Proceedings
More than anything else, you'll want to list your income, expenses, assets, and liabilities. Unfortunately, money is never going to stop being a part of the human condition, and it really rears its head ugly during a divorce.
Don't mess yourself up by not knowing the value of the assets you're sorting through with your spouse. You might love the home you live in, but know that its value might not be what you think it is.
After the divorce, will you be paying child support or spousal support? It's important to know. Start making your budget accordingly.
Finally, as uncomfortable as it is, start looking through your insurance policies and seeing if you need to change beneficiaries.
Divorces are tough. They are as logistically messy as they are emotionally messy, and it's easy to take a wrong step. Don't be blindsided. Make sure you stay informed.
If you want to know more about how to plan for your financial future, call Blisk Financial Group today.