Once the emotional upheaval of your divorce settles, a financial storm could set in. Failure to properly handle money at this point can be costly. Even the most amicable marriage dissolutions find it challenging to break a household’s finances into two separate entities.
But depending on your circumstances – how contentious your situation is or how much wealth is on the line – a financial checklist could lessen your stress and help you manage your existing and upcoming monetary responsibilities.
Tracking your finances
Obtaining the following records only keeps you in check regarding how you can maintain or even increase your money flow in preparation for the long haul.
- Current and previous year’s bank account and investment statements
- Current statements of primary and supplementary sources of income and other government benefits
- Income tax returns for at least the past three years
- List and registrations of existing properties, like houses, cars and other valuable items
- List of debts and other liabilities acquired before and during the marriage
- Information on your insurance, pension and retirement accounts
- Utility and rent obligations
Once you have these documents ready, you will have the chance to ask your legal adviser about the next steps when your Mississippi divorce is final. You can coordinate in organizing and assessing what it takes to update old accounts and establish new ones, as well as make critical decisions on matters like selling the house or putting together emergency funds for unforeseen life changes.
Focusing on your financial future
The earlier you set your financial records straight, the quicker and possibly easier it would be to settle other significant divorce issues, like property division, and child and spousal support. But your ex-spouse may attempt to gain the upper hand by hiding the actual value of their finances or concealing assets altogether. When this happens, your circumstances may become more complex than anticipated. It will then help to take this opportunity to secure a legal team ready to work with you in resolving issues like this to protect your financial future.