Divorce can be difficult for people in Tennessee in a number of different ways, including financially. If you were a stay-at-home spouse or parent or did not have much involvement in the family finances, it can be particularly challenging, but there are steps you can take to survive and thrive.
You should try to get copies of as many financial documents as possible, including tax returns, bank statements and investment paperwork. A financial professional could help you sort through these documents and start to get an idea of what your post-divorce financial situation will be.
You need to make a post-divorce budget, and this could mean cutting back on some luxuries that you were accustomed to. Your spouse may be required to pay support to you for a certain amount of time, but this may be temporary, only until you are able to get a degree or otherwise train or prepare to reenter the workforce. Separate from spousal support, your spouse might also be required to pay child support. As part of the divorce agreement, you might want to include provisions for contributions to the child’s college education.
If your credit is largely as a couple, it is also a good idea to establish your own line of credit. You may want to open your own checking account as well although you should not move funds out of any joint accounts without your spouse’s agreement.
It can also help to think ahead of time about how property might be divided since this can help you predict what kind of assets you will have to work with after the divorce. This can also help you when you enter negotiations with your spouse.