The question of how to prepare for divorce is bandied about all the time.
In beauty salons.
In therapists’ offices.
In financial institutions.
In doctors’ waiting rooms.
In accountants’ offices.
Even in law offices.
Among many other places…
By people who want a divorce.
By people who don’t want a divorce, but … fear their spouse does.
By divorce attorneys, of course.
By marriage counselors and therapists.
By accountants. By financial advisors. By physicians.
By clergymen. School teachers. Hair stylists. Personal trainers.
By parents. Siblings.
By neighbors. Best friends.
By casual acquaintances who just went through a divorce.
The list is practically endless.
The Longstanding Consensus
Surprising? Not really.
Divorce – and divorce war stories – are all but universal.
What is surprising is how consistent all of these types of different people, in all of these different types of settings, typically are in their opinions as to how to best prepare for divorce.
And what is their kneejerk concensus?
At a very high level, it almost always boils down to:
a) Gather copies of the financial records.
Tax returns. Statements from financial institutions and employers. Loan documents and applications. Pay stubs. Employment contracts. Safety deposit box information. If there is a small business involved, any and all business records.
b) And sock away some funds to cover living expenses and professionals’ fees for at least several months.
You May Want to Update That Old Game Plan Nowadays
In years gone by, simpler times, this may have belonged at the very top of the list, possibly constituted the entire list of how to prepare for divorce.
But I would submit that life is more complex these days and rapidly changing.
In a great many cases that I see, these formerly tried and true rules of thumb, frankly, just don’t cut it anymore, by themselves.
Read more on the ages-old view of how to prepare for divorce in
- this Huffington Post article: 9 Critical Steps Women Should Take To Prepare For Divorce
- this Prudential Insurance article: Divorce planning 101 – Eight steps to protect yourself financially and
- this TIAA-CREF article: Preparing for divorce: Tips for protecting your financial health .