Are you already sure you want a divorce? Are you just waiting for the holiday season to be past to file?
You’re not alone. For a variety of reasons, a lot of people wait until the winter holiday season is over and file their divorce petitions in January. However, that doesn’t mean that you should be idle. Here’s what you should be doing now.
Gather and organize your financial documents
You have a lot of financial decisions that need to be made in the near future, and having your financial records in order will make the entire process easier. Collect recent statements from your bank accounts, retirement accounts, investments, credit card bills, tax returns and insurance policies. This may also be a good time to meet with your financial advisor so you can discuss the tax ramifications of potential maneuvers you may want to take during the property division negotiations.
Assess your financial situation and get a budget together
You’ll soon be living on a smaller income, so take a good look at your income streams, expenses and assets. Start to put together a realistic budget for your post-divorce life that takes into account all the essentials – housing, utilities, car payments, insurance and groceries. Don’t forget to calculate the cost of setting up a new place, and consider the possibility of alimony and child support, if applicable.
Start separating your life and build a support network
You need to start deciding whom you can confide in and build an emotional support network to help you process your emotions in a healthy way. This is also a good time to start investing more time in your friend group or favorite family members, so that you aren’t left with an abrupt social void in your life. You should also begin creating separate bank accounts, opening credit cards in your own name, establishing a private email account and taking other steps to distance your life from your spouse and erect some boundaries.
Being proactive today about your situation can help you feel more in control of your future, reduce your stress levels and give you something to focus on during holiday “down time.” The preparations you take today can also make your future divorce much smoother.
