01 Oct Get Financially Ready for Separation
Some steps to take to get financially ready for separation
You’re emotionally ready to separate from your spouse… However, you are worried about the financial side and how to take the plunge so that you aren’t left penniless.
How to get financially ready for Divorce?
Put some money aside
I am not suggesting that you clean out the joint account but I am suggesting that you put some money aside for your upcoming living expenses and legal costs so that you know that you will be financially ok for the time being whilst you sort things out with your soon to be ex.
Go through the filing cabinet or documents saved
on your laptop and take copies of tax returns, pay slips, bank statements, share statements and super statements so that you know what you both own and what you both owe.
Google “Child Support Estimator”
If you have kids and it looks like you may be the one that has them most of the time then google “Child Support Estimator”. By answering a couple of questions online you can get a Child Support estimate so that you know how much you might have to pay or should receive so that you can plan for this.
Work out your assets and liabilities
Work out what your assets and liabilities are. How much is your house worth? If you don’t know ask a real estate agent for a market appraisal, these are free and will give you a good idea. If you own a business do some research on what it would be worth if sold.
Check with the Bank
Check with the bank that you don’t have an overdraft or redraw facility and if you do then make some arrangements with the bank to ensure that your soon to be ex can’t just draw on those funds themselves without your permission.
If you have anything sentimental at home that you couldn’t live without eg photos, something you inherited from your late mother then take them to a friend’s (or someone that you trust) house to mind for you.
If you are planning on staying in the home and asking your soon to be ex to leave then that’s great but have a back-up plan in case he or she won’t go.
We know that this will be difficult – but you will get through it!
We know because we help people get through it every single day. FEDOROV Family Lawyers are always able to answer your questions so that you have THE BEST possible plan for your exit.