Facing divorce in Pennsylvania is difficult enough, but dealing with the financial struggles of going from two incomes to one can be even harder. Long before alimony and child support is decided, you’ll need to prepare your finances for the changes ahead. Money mishaps during divorce can be costly. Following are a few tips to help you ready your finances before divorce.
Track your income and expenses
One of the best ways to deal with the financial implications of divorce is to monitor your current and future financial situation. As soon as you know that divorce is inevitable, begin taking inventory of your income and expenses. Include things such as:
- Household bills
- Food
- Clothing
- Entertainment
- Child care
- Transportation
- Other monthly expenses
Gather important information
Your financial documents provide an accurate overview of your marriage’s financial health. Since gathering information can take some time, begin as early as possible. Start by collecting your checking and savings account records for the past year. Include investment and retirement account information as well as credit card statements. It’s also a good idea to include a list of assets and debts you’ve accumulated during the marriage.
Speak to an attorney
Divorce can be a complex legal process that may require the help of an experienced attorney. A family law attorney may be able to help you navigate issues such as the division of property, child visitation agreements, custody arrangements and more.
Be aware of financial changes
Get into the habit of regularly monitoring your income and expenses as divorce will greatly impact your household income. Review your credit report every few months to make sure adjustments have been noted to joint accounts.
Knowing how to prepare yourself financially for divorce can help you handle the situation with greater clarity. Although divorce can be a challenging experience, you’ll soon find yourself on the other side.