Financial Steps to Take When Going Through a Divorce

When you and your partner find yourself starting down the road of divorce, there are many things to consider, especially regarding your financial landscape. Often when I meet with clients, they do not understand or know what critical financial steps they need to take as the separation process begins.

When you and your partner utilize the collaborative divorce process, your marital dissolution will be finalized in a peaceful, non-litigated, out-of-court manner. When you divorce using collaborative law, you and your spouse are supported by a group of experts trained in the collaborative divorce process, such as a neutral financial expert, mental health professionals and each spouse has their own lawyer. Each of these professionals commits to resolving matters in an amicable, non-court environment in a timely and affordable manner.

Here are some critical steps I share with my clients when we begin their divorce journey:

• Be transparent and honest through the divorce process about your financial portfolio
• Set up a separate bank account and credit card in your name
• Outline to the financial neutral your monthly budget
• Understand and share with the team your retirement and other investments
• Close any inactive financial accounts
• Decide what format environment, hard copy or digital, will be used for sharing financial information
• Bring several years of your state and federal tax returns to your appointment

When you and your spouse enter into a collaborative divorce, keeping the lines of communication open is vital – this will allow both of you to finalize your divorce peacefully and keep your family intact for years to come.

For over 17 years, working as a Family Law Attorney/Mediator in California, Kevin Chroman has helped numerous couples reach harmonious agreements on divorce, child custody and spousal support through mediation and the collaborative law process.

Reach an agreement with your spouse in the peaceful, cooperative environment created by the Law Office of Kevin J. Chroman. For a free consultation, contact us today!

Now offering Online Dispute Resolution (ODR).

Note: This information is general in nature and should not be construed as legal/financial/tax/or mental health advice. You should work with your attorney, financial, mental or tax professional to determine what will work best for your situation.