Financial matters may not be your strong point. You might have preferred to leave the money dealings to your spouse. Many couples tick along happily in this way. That needs to change fast if you are divorcing. Otherwise, you risk walking away with an inadequate settlement that hampers your chance of starting your new phase of life on a sound financial footing.
Here are three things you can do:
1. Learn what you need
Where does your money go? How much goes on food, healthcare, fuel and all those other costs? If you are not sure and your spouse is unwilling or unable to provide clarity, start making a list of your outgoings.
Go back through old bills, and bank and credit card statements to find those regular payments and start writing down every time you spend something. The more complete your understanding of your expenditure, the better you can plan a post-divorce budget.
2. Learn what you own and owe
Dividing property can be one of the most contentious aspects of a divorce. If you enter uninformed, you may find your spouse taking advantage of your ignorance.
Remember, if you are unsure of what assets you have as a couple, perhaps because your spouse always managed things like investments, you can ask a court to order them to pass you relevant information if they won’t do so willingly. Debts will also need dividing in a divorce, so be sure you understand and document them too.
3. Pass this information to your legal team
Bring a copy of all the financial information you have gathered when you meet with your legal team. They can review it to see what you may be entitled to and start building your case for an appropriate settlement.