The process of getting a divorce can be long and difficult. One of the ways to make it easier is by planning your strategy beforehand. Some of the major steps in getting a divorce involve making important financial decisions. Settling financial issues surrounding a divorce can be one of the biggest struggles for both parties, so it pays to take preparatory steps to make this part of your divorce flow more smoothly.
Five Steps to a Less Stressful Divorce
One of the first steps that should be taken in a pending divorce is clarifying property ownership. Making a list of all the property is a very helpful step. Be sure to list both “his,” “hers” and “ours” on the initial list; if you are unsure how property should be classified, put a question mark beside it. Once the divorce process starts, it can be difficult tracking everything down and making sure everything is accounted for. Making a list of valuables like jewelry and art, as well as taking photos, prevents these things from turning out to be “missing” later in the process.
Another step is to start saving and budgeting. Make sure to have a separate account to pay for both legal expenses and living expenses when the divorce happens. A suggestion is to have three months worth of living expenses with several thousand extra for legal fees stored in this account. You should also make a new budget to prevent overspending during a time when money will be tied up elsewhere.
A third step is getting your own credit card. When divorce is pending it is a good idea to close existing credit cards. This prevents you from being held responsible for any shopping sprees your future ex-wife may take. This is also an excellent time to check your credit score and get a new, separate card. The credit check may also help detect new accounts which your wife may have opened.
A fourth step is to decide who will live in the house. A home is a big expense and it can also have many expenses related to it. You must consider whether you will be able to afford the home after the divorce. If the answer to that question is no, then the house should be sold or your wife can pay you for your portion of the equity.
The last thing to consider is what kind of divorce you are going to have. Litigation is one way to get a divorce, but it can be more expensive than other options such as mediation, arbitration and collaboration. Depending on your situation, there may be less expensive ways of getting divorced than a traditional legal action.
If you are considering divorce, contact the Men’s Legal Center. The Men’s Legal Center understands the special concerns of men during a divorce, whether it is fighting for child custody or helping men find the right form of divorce. The Men’s Legal Center can help you navigate through this difficult time.