Although January starts a new year, it is also known as “divorce month.” It is the month when struggling marriages are most likely to end. In fact, RPG Life Transition Specialists, an advisory firm, has reported that “[t]he start of the new year brings with it a roughly one-third increase in divorce filings, due to families opting to stay united over the holidays.”
If your marriage has been falling apart and you believe divorce is in the future, it is important to consider the following tips to help ensure you protect your finances and emotions:
- Plan for the costs associated with a divorce. Both parties will want to retain their own divorce attorney. Your attorney should schedule mediation early as a way to keep the costs down.
- Create a budget. It is important to understand exactly how much you will need because divorce will change your finances.
- Make a list of your debts. You have probably incurred a variety of joint debts over the course of your marriage. Consider how they can be fairly allocated.
- You should put together an estimate of the net worth of your marital estate. This includes everything that was acquired during the marriage. By subtracting the total amount of your debt from the total amount of your assets, you can come up with a rough number for how much the marital estate is worth.
- It is important to obtain a free copy of your credit report and determine where you stand. If you have poor credit, you will want to start cleaning it up so you can qualify for a home or vehicle loan after you are divorced.
- Lastly, get help. Confer with an experienced divorce attorney to obtain the advice and guidance you need as you prepare for your divorce. Meeting with us does not mean you have to file for divorce, but we can help you through each step of the process if it becomes necessary.