Thinking of Getting Divorced in the New Year?
No one likes to think that their marriage will not work out, however, it is a very possible outcome for many. There are roughly 2.5 million divorces annually in the United States alone. While no one starts out with divorce in mind, it is important once the possibility comes to fruition to be prepared. Having your ducks in a row can ease a lot of heartache and worry. If you are preparing to face a divorce in the new year, continue reading to learn a few ways to prepare yourself.
Know What You Owe
The main tension point in divorce proceedings is typically financial issues. If you are preparing for an upcoming divorce it is important to know what your debt looks like. It’s equally important to know what debt is in your name and what debt you share jointly with your partner. One tip to prepare for this issue is to run a credit report to make sure you are aware of everything that you are obligated to. Having an updated credit report will allow you time to validate or dispute any items under your name. Unfortunately, it is possible too that you may be the victim of fraud issues and if that is the case with your partner, that is important knowledge to take into divorce proceedings.
Know What You Own
Take a full inventory. It may sound like a no-brainer, but you’d be surprised the things you lose track of that you own. It’s important as well to itemize what is yours separately and what you own jointly with your partner. Many states require divorcing couples to provide financial affidavits detailing their assets and debts. One aspect that you should itemize additionally is the value of your assets and if you owe anything else on the item.
Get Your Stuff Together
Make sure you have all the important documents in your life gathered and protected from any damage, either intentional or unintentional. Things like real estate documents, titles, loan documents, wills, tax returns, investment records, etc. Having copies of everything and organized will make your proceedings go that much smoother.
What Can You Afford
Knowing what you can, and cannot, afford is valuable advice whether you are preparing for a divorce or not. It is important to think ahead when making large purchases if you know that a divorce may be a possibility. You do not want to get saddled with additional debt that could have been avoided. Having a realistic picture of what things like child support, spousal support, etc will cost are important figures to know.
Most commonly people get divorced because they are unhappy. Making sure you are prepared for divorce proceedings in the new year will help you reach your goal of happiness sooner.