10 Necessary Financial Steps You Should Take When Getting Divorced

Divorce can be a difficult and emotionally charged process. However, it is important to take control of your finances during and after the proceedings. Financial planning is an essential part of any divorce, and with the right preparation, you can ensure a stable financial future. 

1. Hire a Financial Planner or CDFA

Hiring a financial planner or a Certified Divorce Financial Analyst (CDFA) can be an important step in managing your finances during a divorce. A CDFA is a financial expert who specializes in divorce financial planning, and can help you understand the financial implications of various settlement options.

“Don’t try to hide your money! As a financial planner for nearly 20 years now, and someone who is currently studying for the CDFA designation, I have seen that this happens A LOT,” warns Pacifica Wealth Advisors. “Good divorce attorneys and CDFAs (assuming one is hired) can find this money very easily,” says Jamie Lima, MBA, CFP.

2. Take Stock of Your Assets

Before entering into divorce proceedings, take stock of your assets. Make a list of all of your assets, including bank accounts, retirement accounts, real estate, vehicles, and any other property you own. This will help ensure that you get a fair settlement.

Related: Financial Advisors for Divorced Women

3. Gather Important Documents

Make sure you have copies of important financial documents, such as tax returns, bank statements, investment account statements, and retirement account statements. These documents will be necessary for dividing assets and determining spousal and child support.

4. Determine Your Expenses

Determine your monthly expenses and create a budget. This will help you understand your financial needs and help you negotiate a fair settlement.

5. Close Joint Accounts

Close any joint accounts you have with your spouse, such as joint checking or credit card accounts. This will help prevent your spouse from running up debt or draining your accounts.

6. Open New Accounts

Open new accounts in your own name, such as checking and credit card accounts. This will help you establish your own credit and financial independence.

Related: 10 Things Women Say Men Need To Stop Doing Immediately

7. Update Beneficiary Designations

Update beneficiary designations on retirement accounts, life insurance policies, and other accounts to ensure that your assets are distributed according to your wishes.

8. Keep Good Records

Keep good records of all financial transactions during and after the divorce. This will help you keep track of any payments made or received and will be helpful in case of any disputes.

9. Think Long-Term

Think about your long-term financial goals and how the divorce settlement will impact them. For example, if you have children, you may need to plan for their education expenses.

10. Document the Date of Separation

“I also recommend that they document the date of separation,” advises Lima. “This can help draw a line in the sand, so to speak, as to when the parties assets and income become their own versus remaining theirs, jointly.” Make sure to document the date of separation and communicate it clearly to your spouse and legal team.

Divorce can be a challenging time, but with careful financial planning and the right advice, you can protect your assets and ensure a stable financial future. By hiring a financial planner or CDFA, taking stock of your assets, and gathering important documents, you can emerge from your divorce with your finances intact.

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This article was produced and syndicated by Max My Money.