When a couple decides to get married, the two usually anticipate a lifetime together. However, this is not always the case. Unfortunately, divorce is a very real possibility, and when a marriage dissolves, the woman often suffers the most financially. Women who are seriously considering divorce should keep these guidelines in mind when organizing their finances to start a new life.
Gather Financial Documents Women who are preparing to divorce will need to gather all financial documents that have anything do with their current standard of living. This includes a copy of the mortgage, bank statements, credit card bills and copies of household bills. If the woman keeps the house in the divorce, she will need to know exactly how much money is needed each month to keep the home running. Unfortunately, in some cases, the husband may try to withhold certain financial information from his wife during the process of the divorce so that he won’t have to pay as much in alimony. A wife can avoid having to endure this by hiring a lawyer who will look thoroughly into the couple’s assets. It’s also a great idea for the wife to keep the copies of the professional documents she has recovered in a safe deposit box that the husband doesn’t have access to.
If the husband was the primary or only breadwinner in the home, the wife will likely not know much about her credit or borrowing power. Divorcing women should obtain a copy of their credit reports, which can be done online or via mail, and will likely be free of charge if the woman hasn’t obtained her credit report in a few years. A detailed look at the report will supply the woman with the information she needs to clear past accounts or make payment arrangements with a creditor. The more accounts she has in good standing, the greater her chances of purchasing a new home or vehicle if need be after the divorce.
Assemble a Team
While hiring a lawyer is recommended in any divorce, women should take special precaution to hire professionals who will assist them in navigating through the dissolution of the marriage successfully. Attorneys and financial advisers who are trained to help individuals through divorce definitely belong on a woman’s legal team. Since women usually take a divorce harder emotionally and mentally, it’s also a great idea to hire a therapist or counselor and to schedule appointments throughout the divorce proceedings, as well as after the marriage is over. Being able to talk through her feelings and release her emotions in a safe environment can help a woman get through the legal process of divorce with strength and resolve.
1. It’s extremely important for a woman to keep track of her finances very carefully during the divorce so she can budget accordingly after the divorce is final. 2. While divorce can be difficult, women who are prepared in all aspects can get through the stress and financial challenges easier.
Tamiya King is a blogger and content writer who produces content for Mint.com and other quality websites. She is also a poet and cookbook author, and writes on a variety of topics, including fashion, beauty, alternative health and home decorating.