If you have decided to end your marriage, you may have many concerns about what the future will hold. One of these concerns may relate to your finances and how you will manage on a single income after finalizing your divorce.
According to the Institute for Family Studies, the divorce rate in the U.S. hit a 50-year low in 2019, but of those getting divorced, many also had similar concerns. The following steps can help you protect your financial interests going into the divorce process.
Open new accounts
As soon as possible, open a checking and savings account in your name only if you previously shared accounts with your spouse. You should also work on establishing a credit history in your name by opening accounts independently.
Inventory what you own and owe
Sit down and figure out what you and your spouse own, what debts you owe and what you own individually. Knowing what you own and owe right at the start can prevent your spouse from taking advantage of your situation during divorce proceedings.
Create a post-divorce budget
After your divorce, you may need to get used to living on a single income. Figure out what this will look like by taking inventory of your monthly income and your regular expenses.
Taking these proactive measures prior to the beginning of divorce proceedings can put you in a position to advocate for what you deserve during your divorce. It can also help you protect your interests and start your post-divorce life confident about what is to come from a financial perspective.