Getting Your Financial Affairs Together
Divorce can impact almost every area of your life both throughout the process and when all is said and done. Your finances may be the area that receives the most change when the divorce is finalized. Rather than be caught off guard, consider following these tips to prepare your finances for your divorce and look ahead to what your financial situation may look like when finished.
Prepare Documentation
You will be required to submit a financial affidavit that discloses all of your assets, debts, and other financial information. This document is a sworn statement under oath, so it’s incredibly important that the information submitted is accurate and complete. Start searching through your records and pull out all financial information such as bank statements, credit card statements, pay stubs, and other documents. Doing so early on in the process can save you time and a headache later on in your divorce.
Track Your Expenses and Minimize Your Spending
As you might imagine, your financial situation is likely to change after your divorce is finalized. In preparation for this, it might be a good idea to minimize your spending and save as much money as possible throughout the length of your divorce. You will still have normal expenses such as groceries and utility bills during your divorce, so keeping track of what you spend and what you save can help you as you begin to project your expenses and savings after your divorce is finalized.
Hold Off On Big Financial Decisions
Have you been thinking about applying for a new credit card to take advantage of a zero-interest offer? Or maybe you want to get a jump start on changing the beneficiaries of your life insurance policy? It might be best to hold off on those decisions until the divorce is complete.
Making changes such as these could impact the final outcome of your settlement agreement. It might be best to wait until your divorce is over before taking care of any big financial matters you need to handle.
Ask For Help
If you are unsure of how you should handle your finances as it relates to your divorce, it’s always a good idea to ask for the help of a qualified financial professional to guide you on what your best moves are. Your divorce attorney also makes a great resource if your financial matters could have legal implications on your case.
Need Assistance With Your Minnesota Divorce?
Going through a divorce can be tiresome and frustrating, especially when trying to deal with the financial implications of the final outcome. In order to better protect yourself, it’s important to consult with a divorce attorney to guide you throughout the legal process and get advice on how to prepare your finances for your divorce. At Johnson / Turner Legal, we understand that you might be stressed about the process, which is why we’re here to help you.
To schedule a consultation with a member of our team, call us at (320) 299-4249 or visit us online.
