The financial aspect of divorce worries you. But you must set the stage for a breakaway that establishes your own financial identity.
Although you wonder how you can cope with money matters upon separating from your spouse, understand that it can be done with careful planning. Taking the right approach may steer you on the path toward financial independence.
Create financial accounts in your name
Here are some of the financial steps you should consider when choosing to divorce:
- Gather your financial documents: Make and keep copies of tax records, bank and investment accounts, insurance policies, mortgage statements and credit card statements shared by you and your spouse.
- Check and monitor your credit report: Make sure to review the activity as well as your credit score. You want no surprises; however, you may find them. If your spouse made any questionable purchases, they would appear. Keep a tally of them, too.
- Create new financial accounts in your name: You want to create a separate financial identity from your spouse. One thing to consider: You likely should open these accounts with investment firms and financial institutions where you do not share a joint account with your spouse.
- Open a credit card account in your name: It is crucial to establish credit for yourself. If you have a limited or no credit history, seek a secured credit card.
- Contact professionals who can help: This list includes an attorney, accountant and therapist. Each may provide you with invaluable advice when you choose to strike out on your own. An attorney can be your legal guide, an accountant will help you determine your financial foundation and a therapist can help you cope with this difficult life challenge.
It takes courage to pursue a divorce. Those initial steps should address matters regarding your financial well-being.
Discreet plans and a new direction
Making these discreet plans will steer you toward firmer financial footing. They also will provide you with the initial direction you need as you head into this new chapter of your life.