Your Ultimate Divorce Worksheet – Financial Preparation
Your Ultimate Divorce Worksheet – Financial Preparation
When divorcing, the more organized you can be (and we recognize these can be very chaotic times) the less that it will be an emotionally and financially draining experience. Gather all relevant financial documents to give yourself a better idea of your current financial situation and to be able to manage any potential changes that may arise during the divorce proceedings. This article will provide tips on what financial documents you need to collect and how best to organize them.
If you got here first and skipped the first installments, here’s where you can find them. You really should start at the beginning to get the most out of this Divorce Worksheet.
We propose that you not rely solely on a lawyer to establish how things will be divided but also discover what is in your best financial interest in the long run. This requires a financial expert who understands how divorce works.
Ideally, you’ll want to acquire this financial feedback AFTER you’ve learned about the significant legal concerns in your divorce and BEFORE you announce a divorce or react to
your spouse’s divorce request.
This financial counselor can be found through your bank or a Certified Divorce Financial Analyst (CDFA). If you cannot afford a private consultation, you could contact a financial
nonprofit committed to supporting divorcing couples.
30. Ask A Financial Professional These 6 Crucial Questions
Given your age, skill set, and employment alternatives, what are the best things to fight for in the divorce?
What is the best financial decision for you regarding the marital home? (Should you try to keep it, give it to your spouse, sell it, keep it for a set period, etc.?)
What should you do if you and your spouse are divorcing? What are your financial resources? Because many divorcing couples cannot afford to pay two mortgages or double rent, many choose to remain in the same property throughout the divorce.
What is your projected budget for renting or buying a home if you leave the family home? Consider your current living expenses and get assistance in budgeting for whatyou will require in the future.
What are your children’s special financial needs, and how do you best ensure they are met? For example, you may want to ensure that 529 College Savings Plans are established or funded by both spouses. Or do you have a special-needs child who willrequire long-term financial support?
What is the financial advisor’s take on your ability to obtain health insurance?
31. Consult A Real Estate Professional
Learn the value of your home, what it would sell for in this market, and what your housing options are if you need to relocate. You can start by looking at Zillow. However, it is generally in your best interest to go beyond the internet and get precise advice on
your residence, its challenges, and its worth.
32. Figure Out Healthcare Insurance
You’ve spoken with the financial representative regarding health insurance. Continue to consider what you will do if you depend on your spouse’s insurance or if they depend on you. There is COBRA to look into, which is federal legislation governing health insurance.
The Affordable Healthcare Act, commonly known as ACA, PPACA, or “Obamacare,” is another option.
You can enroll in affordable, high-quality health insurance through The AffordableHealthcareAct exchange, regardless of where you live.Go to Healthcare.gov for moreinformation about the exchange.You can also speak with a person who can provide you with advice.While the “Exchange,” has a defined enrollment period, you are eligible tojoin any time of the year if you divorce or lose your job unexpectedly.
Financial Planning Divorce Worksheet Conclusion
In conclusion, it is important to remember that preparing financially for a divorce is an essential component of making sure the process goes smoothly. Gathering pertinent information, establishing a budget, and considering all options should be done carefully and thoughtfully. By taking the time to consider your financial situation, you should have a better understanding of how to move forward in the divorce process with greater assurance. Additionally, consulting with financial advisors, legal representatives, or other professionals can provide valuable guidance along the way.
