How to be Financially Prepared for Divorce

Divorce can be a stressful and emotional time, but it’s important to also consider the financial implications. Here are some tips on how to protect your finances during divorce:

1. Gather Financial Information

Before filing for divorce, gather all of your financial information. This includes bank statements, tax returns, investment accounts, and any other financial documents. This will help you understand your financial situation and make informed decisions during the divorce process.

2. Create a Budget

Divorce can be expensive, so it’s important to create a budget and stick to it. This will help you prioritize your expenses and avoid overspending. Be sure to include expenses such as legal fees, moving costs, and any other expenses related to the divorce.

3. Protect Your Credit

During divorce, your credit score can be impacted. To protect your credit, close any joint accounts and open individual accounts in your name. Monitor your credit report regularly to ensure there are no errors or fraudulent activity.

4. Consider Mediation

Mediation can be a cost-effective alternative to traditional divorce proceedings, and can help you reach a settlement that is fair for both parties. This can help you avoid costly legal fees and a lengthy court battle.

5. Seek Professional Help

Divorce can be overwhelming, so don’t be afraid to seek professional help. A financial advisor or accountant can help you understand your financial situation and make informed decisions. A family law attorney can also provide guidance and representation during the divorce process.

At Davison Family Law, we understand the financial implications of divorce and are here to help.

Contact us today to learn more.