Those who have never ended a marriage often assume all they need do is file a petition and wait for the court to issue a divorce decree. Technically, this is true, but it is wise to prepare financially for divorce, or your newfound freedom may come with a few money problems.
Even the most basic economic preparations will help in the aftermath of divorce. Without a plan, you may find it harder to survive on one income stream when you become single. The following divorce financial tips can help you avoid the often-debilitating monetary effects of ending your marriage.
Organize your documents
The financial side of life can get pretty messy. Like many, you probably have bills, account statements and other documents scattered around your home. A wise early step is collecting and organizing your financial documents (credit accounts, real estate deeds, vehicle titles, etc.).
Change jointly held accounts
Another critical early task involves separating your joint finances and expenses. You may want to close out the accounts you and your spouse share and open new ones for yourself. Consider also changing the passwords and PINs associated with your online account access.
Create a budget for the future
It is never too early on your divorce journey to plan for your economic future. Make a realistic (tight) budget that will pose as few financial hardships as possible while meeting your needs. Once this task is complete, remember to stick with the new budget now and in your post-divorce life.
These tips do two things: They give you a complete picture of your money situation, and they prepare you to face the future on sound financial ground. Our final tip is to learn more about divorce and property division under New Hampshire laws.
