First, let me be clear: I am NOT a Certified Divorce Financial Analyst. There are such people out there and I highly recommend you visit one before starting divorce proceedings. This is just a quick list of things I wish people would do BEFORE they slam out of the house and start sleeping with their spouse’s friends for revenge.
Do’s:
- Take copies of all of your financial statements.
- Keep track of the family spending for 2-3 months to see what your likely post-divorce budget will be.
- Get used to the idea that your lifestyle is about to change for the worse. Supporting two households is way more expensive than one.
- Get some counseling lined up for you and your kids. Budget for it. This will be a necessity, not a luxury.
Don’ts
- Cheap out on your divorce. Pay for a financial consultant, mediator, attorney, or whatever you need to get the process over with as soon and smoothly as possible.
- Hide assets from your spouse. The only people who win when you do this are attorneys and forensic accountants.
- Fight for the family home. It’s probably got some huge mortgage that you can’t afford on one salary and it’s expensive to keep up. Let it go. Start fresh with something you can afford. The kids will get over it. See bullet #3 above.
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