Divorce symbolizes the end of a marriage and the beginning of a new life. Starting a new life without a former spouse may be intimidating, especially when financial obligations that were once shared as a couple are the sole responsibility of a single individual.
Although setting out on your own financially after a divorce may be intimidating, there are proactive steps that can help better ensure success. The financial experts with Forbes discussed this dilemma, providing specific tips. Two of the more applicable pieces of information from the piece include:
- Know what you have and what you owe. Take a moment to put together a file of all your assets and debts. Anything gained during marriage will likely be considered marital property and be subject to division during the divorce. It is a good idea to gather documents about any real estate holdings, car ownership paperwork, retirement accounts, business interests and the like. Having a clear accounting of your assets will better ensure an equitable split.
- Keep an eye on your credit score. Run at least one credit report and review it carefully. Watching for debts or accounts under your name that you are not familiar with. If you find any, dig into it.
Although these steps help to better ensure a smooth transition into singlehood, the importance of getting a fair split to begin with cannot be overstated. As such, those who are going through or considering a divorce are wise to seek legal counsel.