A is for Always Explore All Your Options
There is more than one way to get a divorce and you shouldn’t just pick up the phone to call a lawyer. You may find yourself two years later and tens of thousands of dollars poorer with still much unresolved. Frankly, DIY is rarely a sound option if you have assets or children. Mediation is a good first stop and only hire a lawyer if there are reasons mediating just won’t work. If you do hire a lawyer, ask him or her how they approach their cases–negotiation with the other party and their attorney is always preferable to involving the courts and litigating.
B is for Begin Gathering Requested Information As Soon as Possible
There will be a lot of financial information needed for financial analysis for asset division and support and this can be a bit overwhelming at first glance. It takes time to gather and organize all of this, so begin as soon as possible.
You will need a copy of any prenup or postnup agreement, tax returns, W2 forms,pay stubs, mortgages, life insurance policy statements, credit card statements, checking, savings, and retirement account statements.
C is for CDFA
A CDFA® is a certified divorce financial analyst® who can help you form a clear picture of your finances before, during, and after divorce. Having a CDFA® on your team provides valuable knowledge and guidance through tax consequences, optimal asset distribution, and short/long-term financial planning. Consider adding a CDFA® to your team for your best financial outcome.
D is for Don’t Seek Revenge
While it may feel good for a few hours to aggressively garner some retail therapy, overspending during and after the divorce is a common pitfall for couples.
In fact, when children are involved, one parent can use spending money or buying “treats” as a way to outplay the other parent and manipulate the child into choosing sides. This revenge tactic only hurts your family…and your bank account in the long run.
E is for Envisioning Your Future
The more brain power you can spend on imagining your awesome new future, the less you’ll be ensnared by negative thoughts. Intentionally cultivate these images of what your new life will resemble, and it will be much easier to achieve. Just sit back and imagine yourself already in that new life; what does it look like, who is there, how do you feel? Paint that picture as many times a day as necessary.
F is for Final
Marital asset distribution and most alimony awards are not modifiable after the divorce unless you can prove fraud. You only get one chance to get it righ!
G is for Go Get Your Own Banking Account
After a divorce, your credit score and finances can take a hit. It’s feasibly better to open up your own bank accounts and credit cards before you file, and start building your own financial identity,
H is for Hire Your Divorce Team
Divorce cuts across all aspects of our life and you need support to address not only the legal and procedural, but also emotional, financial, and parenting.
TruNorth Divorce is Here for You
Can you say your divorce ABCs? If you need a more thorough guide to starting your divorce journey, send me a message on Facebook. In the meantime, you can flip through my free ebook, 7 Things to Do Before You Divorce. Above all, take care of yourself!
