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Staying informed on financial matters when considering divorce

Going into a divorce unprepared can be unwise. Such a lack of preparation could unnecessarily further complicate the divorce process, leave a person without the right information when making divorce decisions and increase the likelihood of critical mistakes being made.

Thus, when a person is thinking about pursuing a divorce, being mindful of what things can be helpful when it comes to preparing for a divorce can be vital.

One type of divorce preparation that can be a big help is getting a firm idea of one's financial situation. Such an understanding can be important when dealing with divorce issues related to finances, like property division, and when making divorce decisions touching on financial matters. Doing some financial-information-related legwork when preparing for a divorce can also make it so less such legwork needs to be done during the divorce itself. This can be a helpful thing given how many important things there can be to do during a divorce.

Some steps that can help a person with getting an idea of their financial situation going into a divorce include: collecting information on the bank accounts they and their spouse have, getting their current credit report and credit score and collecting and compiling important financial documents (such as interest/dividend statements, credit card reports and tax forms).

Given how big of a role proper preparations leading up to a divorce can play in being in a strong position going into a divorce, having good advice when getting ready for a divorce can be quite important, just as it is during the divorce process. Attorneys can provide individuals who are considering divorce with guidance on steps for preparing for divorce.

Source:  The Huffington Post, "4 Steps to Being Financially Prepared for a Divorce," Sarah Chang, Oct. 5, 2015 

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