Money: Five Tips for Going It Alone

Consider these thoughts on budgeting and money management issues during and after divorce:

  1. Two people live less expensively than one. During separation, it is likely two households are needed with double the expenses. Look closely at your household budget now to determine how, or if, two households could be a reality with your current joint income.
  2. Speak with a financial advisor as soon as possible. Working with a consultant alerts you to pitfalls you never dreamed of during and after divorce.
  3. Dig in and find the tax returns, the utility bills, the mortgage and property tax statements. Even if you did not have a hand in household accounting before, now is the time to educate yourself about the cost of living.
  4. Find your assets. Prior to divorce is the best time to locate statements concerning retirement and other investment accounts, assessments of valuable property and statements of jointly held properties or objects of value.
  5. Address your bank accounts. Set up separate checking and savings accounts if possible. Taking money from any kind of joint account, even if you only take half, could leave you in an unfavorable light with a court. Cancel any jointly held credit cards — now. Talk to experienced legal counsel about safeguarding savings and income.

Speak to trusted friend and advisors and educate yourself about what you need to know about money during divorce.

The work you do now builds a foundation for a stable financial future. When you have questions about asset and property division, obtain skilled legal advice in Connecticut.