Jul 25, 2011

Some Financial Do’s and Don’ts when Divorcing

Finances

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.