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Divorce planning involves gathering financial documents, making legal preparations like hiring a lawyer, and creating a post-divorce budget and living plan. Key steps include compiling financial records, organizing legal and personal documents, and taking measures to secure your finances and separate your affairs. Planning for children, such as arranging custody and parenting schedules, is also crucial. 

Financial preparation

  • Gather all financial documents: This includes bank statements, tax returns, credit card statements, loan information, and insurance policies.
  • Protect your credit: Obtain a copy of your credit report to check for any issues and work to maintain a strong score.
  • Create an emergency fund: Start a separate savings account to cover immediate expenses.
  • Open separate accounts: Open a new bank account and credit card in your name only.
  • Assess assets and debts: Compile an inventory of all marital assets and debts to understand what needs to be divided.
  • Create a new budget: Plan for living expenses on a single income, considering both short-term and long-term costs.
  • Avoid large purchases: Refrain from making significant financial moves until the divorce is finalized, as this can cause complications.
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Legal and logistical preparation

  • Hire a lawyer: Consider if you need legal representation and find an attorney with a style that aligns with your goals.
  • Gather essential documents: Collect important personal, legal, and financial documents. For example, if you have separate property like an inheritance, gather proof with documents like bank statements.
  • Organize your affairs: Change passwords for shared accounts and consider setting up a separate mailing address for sensitive mail.
  • Consider living arrangements: Decide where you will live after the divorce and begin planning for housing.

Child-related preparation

  • Prepare for parenting arrangements: If you have children, start thinking about a new parenting plan, custody, and visitation schedules.
  • Be a present parent: If you are concerned about your role in the divorce proceedings, focus on establishing a consistent and positive parenting pattern before filing. 

Personal and emotional preparation

  • Build a support team: Connect with friends and family who can support you emotionally, but also consider seeking professional help from a therapist.
  • Take care of yourself: Prioritize your mental and physical well-being throughout the process.
  • Consult professionals: Talk to a divorce attorney before having the initial conversation with your spouse, especially if you need a period of legal separation or have children.

Contact us today at (239) 940-6716 to learn more about planning for your divorce.