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Before Divorce, Get Financially Prepared

Financial considerations you should be aware of before and during a divorce matter.

Before beginning the divorce process, you should be sure you are properly preparing your finances. The following are some considerations you should be aware of both before and during the legal process, according to a September 11, 2012 Detroit Free Press article, "Before divorce, get financially prepared":

  • In a typical marriage, usually only one party is more aware of the monthly budget and expenses than the other. If you find that you are facing a divorce and you are the spouse who is not fully aware of the monthly finances, you should thoroughly investigate and educate yourself. Be sure that you are aware of what your monthly household bills are as well as your total household income.
  • Review all financial accounts, including assets and debts, that you and your spouse have. Review the financial documents that are probably at your house already, including bank account statements, tax returns, monthly bills, and even retirement accounts.
  • You will likely need advice from someone in addition to a divorce lawyer, including an estate planner or financial advisor. Once your divorce is completed, and even during your divorce case, you will want to review your documents with an estate planner to determine who should be named as a beneficiary on retirement accounts or life insurance.
  • Education both prior to and during a divorce is important, and the first step is to meet with a knowledgeable divorce attorney.
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