Your financial situation can be one of the most fearful things during this time. Just the thought of it scares you. In 9 out of 10 cases the fear is worse than the truth. Take the time and figure some things out. It may not be as bad as you think.

Journey Through Divorce - Know Your Finances

GET TO KNOW YOUR FINANCIAL SITUATION IMMEDIATELY

There are so many things going on that it is sometimes very hard to wrap your head around very important things.  Your finances are one of these important details. In general, the longer you go in denial, the deeper hole you will create and the harder time you will have to crawl out of it. So use these suggestions to help stay on track –

  1. In a lot of situations one of the two spouses will move out, thus making for double the expenses. Because of this it is very important to watch even more carefully what you spend. Do not get to a point where your financial situation starts to dictate your relationship outcome.
  1. Try to collaborate all the bills in one spot. If your separation turns into a divorce, you will need to come up with a date as to when your expenses became divided. The more you can keep that clear now, the easier it will be if needed down the road.
  1. Keep current on all your bills. I know that it is hard but denial will catch up on you and with vigor. Even if you can only make minimum payments, make sure you make them on time. You do not want what happens today be something that effects your future someday. Be very careful to stay on top of it.
  1. Know your investments, life insurance policies, retirement funds etc. It is important you do not forget anything. Being as fair and transparent at a time like this can either make or break a relationship.
  1. Don’t go out and buy a new car! Try to limit your purchases, especially large ones.

There will come a time during your separation when you will need to seek out some legal help. The best way to find someone you can trust is word of mouth referrals. Ask around, check them out and make an appointment. Whether you follow through with this at this time is not the point. The point is to be prepared and not allow the fear to inhibit you from protecting yourself.

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