- \ Gerard Gruber
- August 17, 2020
!Divorce financial advisor ct
Prioritize Your Children: For individuals who aren’t comfortable moving with a lurking virus or for those who are regionally prohibited from doing so, living together while facing a divorce can create stressful household tensions. Prioritize your children’s exposure to your pre-split situation by trying to run as peaceful as possible. The effects of your split will be life-changing for them, as well.
Inventory your assets and keep records of important documents: Use your extra time at home to start inventorying your assets and belongings. Make copies of important financial records. If you don’t own a scanner or don’t have access to one, there are a number of mobile apps that act as portable scanners. Simply take a clear picture of the document and store it in a secure place. This will be especially helpful for credit card statements in the case that your spouse begins to rack up an exorbitant amount of debt just prior to your divorce. If you can prove this has happened, you may be able to free yourself from being held fiscally responsible for those debts.
Prepare to live on one income: Logistically, one of the most difficult parts about getting a divorce is going from living on two incomes to one. Or, if you are a non-working spouse, you should start thinking about how you will re-enter the workforce and begin to earn an income. Start budgeting by listing out your estimated expenses. Are there superfluous expenses you could cut out before you split and become solely responsible for your own bills?
Split your joint bills: If you have any joint bills, such as a joint cell phone plan, car insurance plan, or health insurance policy, prepare for your divorce by separating your plans. This is generally as easy as making a phone call together to release the cell phone number unto the spouse starting his or her own account. For car insurance and health insurance, you may want to do some shopping around sooner rather than later in case your spouse removes you from the policy and you suffer a lapse in coverage.
All guarantees, riders and benefits of an insurance policy are subject to the claims paying ability of the issuing insurance company.
[i] https://institutedfa.com/what-cdfa-1/