Financial steps to take prior to getting a divorce
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Financial steps to take prior to getting a divorce

On Behalf of | Apr 20, 2018 | Property Division |

When you hear your spouse utter the word divorce for the first time, you will be shocked, saddened, disheartened, stressed and very emotional. Even if you had a sinking feeling in the back of your mind that this day would come, it is still difficult to wrap your head around. In order to prepare for a divorce, you need to take some important steps financially in Kentucky.

Now is the time to find all of your financial documents. You don’t want to wait until the last minute to find credit card statements, bank statements, retirement account information, tax returns, appraisals for various items and your mortgage paperwork. You will also want to find the deed to your home and title to your vehicle.

It’s also a good idea to run a credit report if you are going to get divorced. This is a great way to find any loans or other hits on your credit report you might not have known about and ensure that you are not responsible for them in the divorce.

Try to figure out what your new income will be once the divorce is finalized. Use this information to create a budget for your new life. You will need to stick to this budget as tightly as possible.

Apply for a credit card that is in your name only. This will help you build up individual credit that does not have anyone else’s name attached to it. This could be difficult if you and your spouse have a lot of debt, so be ready for that so it isn’t a surprise.

The financial steps that you need to take have been outlined in this post. Make sure you have plenty of help by your side to prepare for a divorce in Elizabethtown, Kentucky, so you do not struggle with money.