The prospect of divorce is not something anyone wants to think about but, when a couple is unable to work out their differences, it's an inevitable reality. However, remaining organized and keeping yourself as together as possible is essential during these difficult times. The main reason is that what you decide now will touch your life for many years. With this in mind, here are five things to do when divorcing that will help you stay organized and sane.
1: Determine a Workable Budget
Following your divorce, you'll be living on one income. It's important to know what you can afford and what expenses must be cut. Therefore, you must develop a workable budget based on your current income and what you expect your expenses to be once you've reached a settlement.
2: Gather Records
Go through your entire home and collect tax records for the last three years, bank statements, credit card statements, mortgages, investment statements, insurance records, paycheck stubs, and all other pertinent documentation. All of these documents must be copied and retained.
3: Hire an Attorney
Because divorces are complicated, it's a good idea to obtain representation early in the proceedings. Your attorney will help you develop a strategy for your case, as well as assist you and your ex-spouse in reaching a fair settlement
4: Establish Credit
Obtain a copy of your credit report. This information is important, so you can see what your credit standing is and where it must improve. Take your name off of any joint accounts and credit cards you have with your spouse. Doing this, along with getting a credit card in your own name, will protect and help build your own credit.
5: Value Every Asset
Take inventory of all the assets the two of you accrued throughout your marriage, and obtain values for each of them. These assets can be anything from antiques to stocks. Look for hidden assets, as well. Be sure to check safe deposit boxes, as well as items that could be hidden with family members.
Contact Wolf, Baldwin & Associates, P.C.
Although divorce can be a trying time, you do not have to go through it alone. The team of experienced professionals at Wolf, Baldwin & Associates, P.C can protect your best interests and help you efficiently move on to the next phase of your life.