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Divorce Tips

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According to CNN, the average cost of a divorce is up to $15,000. Some financial planners state that this amount will be even higher because it is more expensive to operate two households. If you are thinking about divorce or you are going through one, here are some tips to remember:
1) Contact our office. You will most likely receive a better outcome with an attorney representing you rather than representing yourself. Even if you believe your divorce will be uncontested, you should still have an attorney look over your paperwork.
2) Stock pile your cash. You may want to open accounts in your name and apply for credit cards in your name to keep funds available for emergencies and legal fees.
3) Be a paper hoarder. You are going to need to get copies of bank statements and investment statements going back at least a year. You may want to pull your credit report as well and get copies of tax returns.
4) Save with a mediator. Often times you can save on legal fees and other costs if you and your ex are able to work it out with a mediator.
5) Take care of the kids. Remember that the kids are very important when going through a divorce and think about how you are going to handle child expenses, like braces, summer camp, and college.
6) Maintain insurance. Check with your employer or the Marketplace to check your options on health insurance. You may want to also consult your financial planner to adjust your beneficiaries.
7) Plan for a tax change. Your upcoming taxes will most likely change because of your updated filing status, number of dependents, and if alimony is involved.

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