Getting a divorce is a marathon—not a sprint and if you know you’re going down the divorce road, prepping your finances is a smart way to handle what’s about to come your way. Finances can be the hardest obstacle of them all in divorce. It’s one thing to go through the various emotions of divorce—grief, anger, happiness, relief and sadness, but quite another to be potentially facing a perilous financial situation.
Here are some tips to help you financially prep for divorce:
1- Assess your accounts and debts—joint and sole:
Here’s one piece of scary news—you better hope your spouse doesn’t have debt secretly wracked up because as the spouse, you can be held responsible. This is something out of your control, but what you can do is assess all the joint and sole accounts and debts. Get a handle on what the two of you stand to have to pay off—and what the two of you will potentially be fighting for, or splitting.
And if you don’t have your own account…
Run With Purpose,