Considering Divorce? 5 Steps To Take Right Now

Divorce is one of the most difficult and life-changing experiences of all major life events. Many studies show that divorce is as stressful as experiencing the death of a loved one, moving, or losing your job. Yet, it can also be a necessary and desired change in certain situations. The best way to minimize the impact of divorce is to be prepared in advance. If you are considering divorce, here are five steps you can take right now:

1. Gather information: In the majority of marriages, one spouse assumes the duties of maintaining the finances of the household. This results in the other spouse generally being in the dark about what assets are owned, what the income of the household is, and what expenses and other obligations the couple has. Gather and copy as much financial information as you can. It is much more costly to have to acquire them through your spouse’s attorney once a divorce is filed. Among the documents you should copy are: credit card statements, bank statements, investment and retirement account statements, tax returns from the last few years, and mortgage statements.
2. Accumulate a nest egg: Whether your divorce ends up settling quickly in mediation or whether you are one of the few cases actually going to trial, you will need to have some cash on hand. Start saving now so you have money to live on and to hire the trusted advisors you will need.
3. Prepare yourself emotionally: The emotional feature of divorce is often overlooked and is the least prepared-for aspect. Don’t underestimate your feelings during this trying time. Take care to get a support system in place right now, whether it is professional care or family or friends. You will need it.
4. Consult a lawyer: Whether you think your divorce will be amicable or contentious, you will need to consult an experienced divorce attorney. This professional will have a wealth of experience and will be able to save you much money and aggravation by sharing his or her knowledge and experience with you.
5. Meet with a financial advisor: Once you have met with your lawyer, he or she will be able to provide you with the names of some trusted financial advisors. Make sure that your financial advisor has expertise in divorce financial planning to guide you through these treacherous waters.