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Financial preparations to make before a divorce

On Behalf of | Mar 18, 2022 | Property Division |

Money is one of the issues that can lead to problems in a divorce. A little planning can make things a lot smoother. You need money to get through the divorce itself and money to start your new life on the other side.

If you and your spouse both have individual savings set aside to help you through the divorce period, then great. If not, how about agreeing to allocate each party a certain amount of your marital funds to tide yourselves over?

Financial stability can make divorce negotiations easier

However much you might dislike your spouse right now, however loathe you may be to give them a cent, negotiating with someone who is struggling to survive financially is often harder. People do irrational things when they get desperate, so if you can ensure you both have enough to live for the next few months, it may make for more amicable negotiations.

If you have children, financial security during the divorce is even more critical. There is enough instability in their life without them wondering if they will get enough to eat or where they are going to sleep.

Preparing your post-divorce finances

Create a list of your assets and incomes. Remember to be honest here as you may need to submit these to a court, and they can penalize anyone they think is hiding assets. 

Work out your respective post-divorce financial needs. If you have no idea where your money goes each week, start noting it down now. Justifying why you need a particular figure in the divorce settlements will be much easier if you can substantiate those figures with evidence. Only once you start to note everything down do you realize how much the little things such as replacing school uniforms or paying someone to mow the lawn can amount to over a year.

Finally, make sure you get legal help to understand how the financial side of divorce will work and to negotiate for what you are entitled to receive.