Divorce is about moving from here to there, emotionally. But it also represents a move from here to there, financially.
Many divorcing spouses focus on their emotional destination, to the exclusion of all else. They would benefit from putting some thought into their financial destination and situation as well.
For that purpose, it may be useful to:
- create a realistic post-separation budget … before you agree to any settlement
- open individual credit cards in just your name and close any joint credit card accounts
- run your credit report with all the major credit reporting agencies … for the best chance of avoiding later surprises
- don’t let your emotions alone rule big decisions such as whether to stay in the marital home … these should be at least partly financial decisions
- be reasonable – don’t get caught up in waging expensive legal battles over (relative) trinkets