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Financial Considerations When Planning a Divorce

Preparing for divorce can be emotionally and mentally taxing. However, while you need to be prepared for the emotional toll that a divorce is likely to take on your life, it is also equally important and probably even more so, for you to prepare for the financial changes a divorce can cause.

If you have made the decision to go ahead with the divorce, begin getting your financial papers in order. Make a dossier of all of your investment accounts, bank statements, credit card statements, and other financial papers.

Create an inventory of all the financial assets you own. Note down all of the assets that you own individually, those that you owned prior to the marriage, as well as those assets that you accumulated after the marriage. These details will prove crucial when it comes to the division of these assets.

Get a copy of your credit report. You can get these reports for free from all of the major credit reporting agencies. A credit report can provide the financial information you need about your financial status, including any loans that may be pending in your name.

If you are the one who is moving out of the marital home while the divorce is underway, you also need find a place for you to stay. Account for the additional expenses that you may have to incur during the divorce proceedings.