Ending a marriage can be a very stressful time in life. The emotional, physical and potential financial losses can simply be overwhelming. One of the most effective ways to prepare you for all of these negative changes is to plan ahead.
By creating a checklist and marking these off your list when completed, may help you get on with your solo life with greater ease:
Create a list of your financial records
Go through all of your credit statements that are in both of your names to fully understand what you are entitled to through property division and what you may owe in debt payments.
Listed below are records to consider:
1. Mortgage payment – Know the amount of money that is owed on your home and how much equity has accumulated, as well.
2. Credit cards – If this unsecured debt is in both of your names, be sure to know the extent of the debt and what you may be responsible for repaying. It’s a good idea to go through each of the charges and determine which was yours and which your spouse charged. This may be beneficial if the case proceeds to court.
3. Paid bills – Be sure to make copies of the bills that have been paid and when the next payment due will be. This can help you understand the financial situation moving forward.
Start saving money each week
Living life are your own is certain to be more costly than living with another person in most situations.
Listed below are some of the expenses you may be faced with:
1. Rent or mortgage payments – Have a budget in mind for what you will be able to pay for a place to live.
2. Utility bills – In case the electricity and water aren’t included in your living quarter’s payment, it’s important to have an idea what you can afford to pay for these.
3. Insurance – Be prepared to pay for all of your insurance needs that may include health, car and home coverage.
4. Car payment – Unless you live in a large city and can catch a bus or train to work, you will need a vehicle to get around, and this will add to your monthly expenses.
Finally, getting divorced will require a number of changes to occur, and the key to being able to cope with these may be based on your preparation efforts. Be sure to consult with a divorce attorney who can steer you in right legal direction as your marriage is ending. To learn more, contact a company like Mira Staggers White with any questions or concerns you have.