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Fortify your position ahead of divorce with these 3 steps

On Behalf of | Apr 10, 2024 | Divorce

Divorce is a life-altering event, often shaking the foundation of both your emotional well-being and financial security. Divorce statistics show that the financial impact is often underestimated, leaving many people struggling to make ends meet after the split.

Taking just a few proactive steps before filing for divorce can significantly improve your financial outlook. It can empower you to navigate the legalities with a clear head and ensure a smoother transition into your new, independent reality.

Gather your documents

Full financial disclosure is mandatory during divorces. Getting an early start on this task helps you meet this requirement while developing a clearer picture of your finances. Examples of financial documents to collect include bank statements, investment records, pay stubs and tax returns. This step can help you negotiate a fair settlement.

Budget for one income

Your post-divorce life will likely have a different financial rhythm. To mitigate potential future hardship, create a realistic budget that accounts for a single income. Factor in potential changes in housing, childcare and transportation costs that may arise. Slightly underestimating your income and overestimating expenses can provide a secure financial buffer.

Build a supportive team

For complex divorces involving significant assets, consider building a team of professionals. Having experienced legal guidance is essential. Financially complex divorces may also benefit from a financial advisor.

If you suspect your spouse may have secretly tucked away valuable assets, it may be worthwhile to hire a forensic accountant or other professional to find them.

Taking these steps positions you for a smoother financial transition once your divorce concludes. Learning more about California property distribution laws can also benefit your divorce case.