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How to financially prepare for divorce

On Behalf of | Dec 31, 2020 | Divorce

When you’re getting ready to file for divorce in Virginia, preparing yourself emotionally is only half the battle. You’ll also need to prepare yourself financially so you can support yourself after you’ve split from your former spouse. Otherwise, you might find yourself scrambling when you’re living by yourself for the first time in years.

How can you financially prepare yourself for divorce?

As you get ready for your upcoming divorce, you should avoid making any big purchases. If you dip into your savings now, the judge might think you’re deliberately trying to sabotage your former spouse by burning up assets. The same goes for using your credit card and racking up debt. Any excessive spending could make you look bad during the divorce trial, even if you’re spending money that you earned yourself.

You should also start gathering financial documents as soon as possible. The judge will ask for extensive information about your finances so they can fairly divide your assets. Be prepared to provide pay stubs, bank account statements, credit card statements, tax returns, ledgers and information about any debts that you have. You might have to provide additional information about assets like investments and retirement funds.

If you’re not living on a budget now, it’s important to make one. Depending on your situation, you may lose half your household income or more in the divorce. It’s time to start thinking about the future and figuring out how you’re going to support yourself. With the help of your attorney, you can also estimate how much your expenses will be after the divorce. This information could help the judge decide whether they need to award spousal support.

Can an attorney offer financial advice?

An attorney can help you with virtually every aspect of your divorce, including managing your finances. They can help you gather documents and prepare a budget to give the judge a comprehensive look at your finances. Depending on the situation, the judge might order your former spouse to pay you spousal support. You might also be entitled to a large share of any assets.

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