Photo of Professionals at McCoy Fatula, APC
Photo of Professionals at McCoy Fatula, APC

Financial preparation is the key to your post-divorce future

On Behalf of | Feb 12, 2021 | Divorce

Securing a fair and reasonable financial settlement is critical for your post-divorce future. You understand it’s important to seek terms that allow you to have stability and security long-term, but this starts well before you even file for divorce. Preparing for this step can help you move forward with your divorce with confidence regarding your future interests.

Once you make the choice to move forward with divorce, it is time to start preparing for the process ahead. There are certain financial steps you should take that may help you avoid unnecessary complications and setbacks. They could also allow you to confidently negotiate terms and make decisions that make the most sense for your future.

What should you do now?

Finances are often one of the most complex and the most contentious issues in a divorce. It is in your interests to think long-term, taking steps that will allow you to make rational decisions. Some of the steps you may want to consider to prepare for your divorce include:

  • Take the time to go over your finances, gaining an understanding of where you and the other party stand.
  • At this point, you should close any remaining joint credit accounts. You can open new ones in your own name to start building credit.
  • Gather important financial documentation so you can prove your income and validate your claim to certain marital assets.
  • This is the point where you will want to establish a reasonable post-divorce budget. You can start adjusting your expectations and lifestyle now, which will help you going forward.

It’s normal to have strong emotions during a California divorce, but they are often poor indicators of what will truly be best for you long-term. When preparing to move forward with your divorce, it is best to remove your feelings from the process and think practically.

A strong future

During a divorce, your future is at stake. It may be helpful for you to focus on your interests, not just how you feel in the moment. A careful evaluation of your financial goals, your needs and your current financial circumstances could help you make practical and prudent choices that will set you up for success for years to come. Taking steps to prepare financially for your divorce could benefit you as you seek the most reasonable terms to your financial settlement.

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