Anyone who is facing a divorce or seperation will know that finance is an important issue. Far many couples it can become the dominant issue, particularly if one partner uses access to finance as a means to punish another. While this is unfair it is quite common and it is something that features regularly in our relationship forum.
The best way to avoid any financial difficulty is to be prepared by organising yourself in advance. Getting your hands on copies of financial documents is an important start, although it is sometimes easier said than done. Here is some useful information from Shannon Cook, who has a lot of experience in this area.
Divorce is a challenging process for most people. Emotions run high, there is a lot of change involved, and life impacting decisions must be made at a time when life is unstable and reactions are high. There is a grief process involved, as you are facing a change to living arrangements, time with your kids, mutual relationships held by you and your ex spouse, and your vision for the future. One area that raises a lot of concern during this time is finances, especially for the economically disadvantaged spouse, who is facing an uncertain employment future. Here are 4 tips to prepare financially for the divorce process:
1. Open a bank account in your own name, and get a credit card in your name as well, while your credit is still combined with your spouse’s. Make sure you are preparing to be a single financial entity. It is also wise to have some cash stashed for living expenses should things get ugly with your spouse and any attempt made to wrongfully limit your access to marital funds for living expenses during the divorce process.
2. Make copies of all relevant financial documents. This can include, but is not limited to, bank statements, credit card statements, W-2′s, paystubs, employee reimbursement or medical savings accounts, mileage plan information, loan information, investment statements, 401K statements, car titles, and property appraisals. Your attorney can give you a complete list of all documents needed. It is best to get these secured and copied quickly, so they don’t have the opportunity to “disappear.”
3. Hire an attorney to manage the financial divisions, as well as property and child custody issues. This is important to be sure you have crossed all t’s and dotted all i’s, and that nothing has been missed.
4. Consult a financial planner who specializes in divorce to determine the best financial asset split. An asset may have the same monetary value as another, but that doesn’t mean that it doesn’t matter which you choose. A certified divorce financial analyst can analyze your financial picture, your earning potential, and determine the best way to take your share of the marital assets.
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Are you interested in addressing the challenge of divorce from a holistic standpoint, assessing the physical, emotional, practical, and relationship components? For a free copy of my ebook, “Natural Methods To Fight Depression”, click here: http://www.stoptoxicrelationships.com/gifts-naturalmethodstofightdepression.html Shannon Cook is a personal coach and resource guide who has written a number of informative articles and ebooks on the topic of toxic relationships and holistic personal growth, including physical, emotional and relationship health. |
Most of what Shannon recommends will work for any country, although her second recommendation is primarily focused on the US. The equivalent document types in the UK would be tax returns, pensions plans, ISAs and other investments. Most importantly, get professional advice on what you will need to have copies of. If you have direct experience on financial issues during a divorce, why not leave a comment below.
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