Mediated divorces are typically faster, more peaceful and, best of all, considerably less expensive. If you have not yet gone through your divorce, it could be in your best interest to try using mediation first. This will come in handy later on in the divorce process.Ĭontrary to popular belief, not all divorces require a court proceeding. The information in these statements will help you determine exactly how much money is coming in and going out each month.Īrmed with this data, you and your former spouse can calculate your standard of living and how much money will be needed by each person to maintain your current lifestyle. This should cover essentially any documents that relate in any way to you or your former spouse’s money. Bank statements (from all joint checking and savings accounts).This means you will need to gather up all recent: You will need to have a clear and accurate accounting of your total current financial situation. It is also a good way to keep your credit score healthy, as a spiteful ex-partner can potentially damage your credit score with overzealous spending. Making a clean separation of your finances early can help reduce complications later on when it is time to formally divide assets. This might need to include redirecting any direct deposits and updating any automatic payment information.Īn Access Checking account with no monthly fee and easy requirements can be a good first step in this process. Use the new account for all your own personal future deposits and expenses, as the old joint accounts will need to be properly split between both spouses. If you executed a properly drafted prenup, then this agreement might override state law and determine how marital assets are distributed - most likely with you keeping all of yours and your spouse keeping all of theirs.Īs part of a married couple, you most likely have several joint bank and credit accounts with your spouse.ĭuring a divorce, one of the first things you should do is to open a new individual checking account, and consider opening a new savings account as well. Whether you signed a prenuptial agreement before getting hitched can play a major role in the divorce. If you need to sort out your finances during or after a divorce, keep these eight important considerations in mind: How long it will take to sort out your divorce and financial settlement will vary depending on the situation, but this is a necessary aspect of divorce. ![]() While this might appear like a daunting task, you can accomplish your financial goals much easier than you might think. And one of the bigger challenges during this time may be how to wisely manage your finances. Going through a divorce can be a difficult process, no matter how amicable the break-up. ![]() Unfortunately, around 44.6% of marriages end in divorce in the U.S, according to the Centers for Disease Control and Prevention®. Today Glamour invites you to the conversation: Subscribe on Apple Podcasts, in the iHeartRadio app, or wherever you listen to podcasts, and join us as we help women raise their voices and make money moves.Everyone enters a marriage with life-long expectations. That has a real monetary value, and it should be accounted for.Īccording to a survey by Fidelity, the sponsor of She Makes Money Moves, 80% of women aren’t talking about money with the people closest to them. A partner who stays at home often makes sacrifices in support of their husband or wife. ![]() In those cases it can make a huge emotional and tangible difference to have an attorney who can make sure that household assets are allocated appropriately even when the money isn’t in one person’s name. That can be especially true for a stay-at-home partner, who can often feel trapped in a divorce. Of course, sometimes it is important to invest in legal representation, despite the price tag. As one attorney said, “You can either pay me a lot to fight, or you can put a fair settlement on the table early and come to terms quickly, which may feel like you’re giving away a lot, but will actually cost you less.”
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