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.
Hire a Financial Planner or CDFA
A CDFA is a financial expert who specializes in divorce financial planning, and can help you understand the financial implications of various settlement options.
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.
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.
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.
Close Joint Accounts
Close any joint accounts you have with your spouses, such as joint checking or credit card accounts. This will help prevent your spouse from running up debt or draining your accounts.
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