If you will be the one to file for a divorce, there are some financial aspects you may want to take care of prior to filing. Once you file, the rules change. You will not be able to do anything with your assets and if you try to move around assets, you could get in trouble with the court.
U.S. News and World Report explains that you need to begin by making sure you
know about every asset you and your spouse own. Making an inventory can come in very handy as you work through the divorce settlement process.
Consider Debts
Along with knowing what you own, you need to know what you owe. Debts divide in a divorce just like assets. It is essential to understand which debts are marital and which are separate because you must pay for your own separate.
Prepare for later
You should also take this time to plan ahead for the future. Create a budget for your new single life to ensure you understand how your finances will look once your divorce is final. Take into consideration your income and debts. Think about whether you will have to move and if you will lose assets in the divorce. If you do not have credit accounts in your name, now is a good time to set those up as well.
Sever ties
This is a good time to close any joint accounts you and your spouse own. Do not take all the money for yourself, though. The court may not like the look of that. Instead, split it with your spouse. If there are issues, then leave the account as-is and let the court decide later how to handle it.
Many people do not consider their financial situation when divorcing. Taking a moment to go over your finances before filing can save you from a lot of headaches later.
