Jul 25, 2011
Some Financial Do’s and Don’ts when Divorcing
Some Financial Do’s and Don’ts when Divorcing:
- Do prepare a budget and financial plan to sustain you until your divorce is final.
- Do review monthly bank and financial statements and make copies for your attorney
- Do review all tax return that have been filed jointly or separately by your spouse.
- Do make sure all taxes have been paid to date
- Do review the contents of any safe-deposit boxe
- Don’t make large purchases or create additional debts that might later cause financial hardship
- Don’t quit your job
- Don’t move out of the house before consulting with your attorney
- Don’t transfer or give away assets that are owned jointly
- Don’t sign a blank financial statement or any other document without reviewing it with your attorney
Going through a divorce is an emotional time for most people and many unfortunately make hasty and sometime irrational financial choices at this time. Seek the support and guidance from a qualified professional such as your attorney or financial planner before making any decisions.