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How to be prepared financially for divorce

On Behalf of | Feb 9, 2022 | Divorce

For couples who are divorcing, it is often a difficult and complex process to untangle their finances. Before child and spousal support payment agreements can be set in place, you will need to take steps to be financially prepared to go through divorce in Tennessee.

Open your own checking account

The first step in creating a plan for separate finances during a divorce is to open your own checking account. This will establish a clear division of income earned and the bills you are paying. In addition, it will help you to create a budget, which will assist your attorney in gaining a better understanding of your financial needs post-divorce.

Get a post office box

The next step in preparing for divorce is making sure your financial documents are being delivered to you and not your spouse. A post office box is a great solution to take control of your mail and monetary correspondence.

Don’t make big money moves

Now is a good time to be conservative with your money. It is not wise to purchase a new car or go on a lavish vacation when you are about to go through the divorce process. You can never be absolutely sure as to how much the divorce could cost you in legal fees, and you must be financially prepared for unforeseen circumstances.

Gather important documents

Income tax returns, bank statements, loan paperwork and credit card bills document the financial health of your family and your marriage. These documents will certainly be evaluated as part of the divorce proceedings. It can be time-consuming to gather all of this documentation; it is a good idea to get a head start so that you are as prepared as possible.

The financial implications of divorce can be difficult to deal with if you are unable to effectively work with your spouse. The outcome will likely affect your finances for many years to come, so it is important to be sure all final decisions and agreements are beneficial for both parties.

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