The financial impact of a divorce can hit both spouses hard. But if you are the spouse who chose to stay at home, financial preparation becomes even more important.
That said, here are several helpful strategies that can help you prepare for divorce—and hopefully come out stable on the other side.
Gather your financial information
Start by collecting all the important finance-related papers you have. Look for:
- Bank statements
- Tax returns from the last few years
- Any documents about investments or retirement accounts
Make copies of all these documents and keep them in a safe place, like at a friend’s house or in a safety deposit box. This information will help you understand your financial situation and prepare for the divorce process.
Open an individual bank account
Go to a bank and open a checking or savings account in your name only. This will give you a place to keep any money you get.
Having your own account can also help keep you stable if you suspect your spouse might drain money to reduce the marital pool. Furthermore, an account in your name can help you access credit later on.
However, having an individual account does not guarantee that it will remain separate property, but it’s a good way to start dividing separate and marital property.
Create a budget
Write down all the things you spend money on each month, such as rent, food and bills. Then, think about new expenses you might have after the divorce, like your own car or health insurance.
A post-divorce budget, like in any other situation, can help you understand how much money you need to live on your own.
Seek employment or job training
If you haven’t worked in a while, it’s time to start looking for a job. Update your resume with your skills and any work you’ve done, even if it was volunteer work.
The sooner you start job hunting, the better your chances of securing employment during or after the divorce. This way, you can get back on your feet sooner rather than later.
Consult a legal professional
Florida is an equitable distribution state, which means the court will divide your marital assets in the fairest way possible. However, this does not automatically ensure financial security.
Aside from the tips above, consider seeking legal guidance from a divorce attorney. They can help ensure fair distribution of your assets and seek financial support post-divorce, if necessary.