Getting divorced is not easy and eventhough you may be feeling completely overwhelmed it is absolutely imperative that you begin to work on where you stand financially. Sorting out your finances will not only help you feel a little more in control of the situation but once completed, you’ll be able to focus your energy on healing and making plans for your future. Here are a couple of things to help you get started.
Make a list of everything you can think of with regards to your finances that you will need paperwork for, for example:
- Bank accounts – both personal and joint
- Pension funds
- Salary slips
- Loans
- Investments
- Motor vehicle information
- Tax statements
- Insurance policies
- Insurance for physical assets such as house, vehicles, furniture etc.
- Medical cover
- Credit card statements
- Wills and trusts
- Assets
Once you have your complete list you can start digging out all the paperwork you will need. Make sure that you make copies of everything you find especially if you plan to give anything to your ex spouse.
While you are going through all your paperwork it is also a good idea to get together anything that is relevant to your monthly expenses. Here are a couple of examples to get you started:
- Utility accounts
- Grocery bills
- School fees, uniforms, extra activities
- Rent or mortgage repayments
- Medical expenses
- Fuel
- Pet food, medication and vet expenses
Once you have this list and all the relevant paperwork you should have a better idea of how much it is going to cost you to live without your spouse. If you have children work out how much it is going to cost to look after them. Keep this information handy when you start child maintenance and alimony negotiations.
Start working on a budget. Make a list of how much money is coming into your household and how much is going out. If there is a shortfall start thinking of ways that you can supplement your income and make sure you cut back on non-essentials as soon as possible.
Also remember to update your will and change the beneficiaries on your life policies etc. so that if anything happens to you your children are taken care of.
Good luck!
