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Prepare your finances for your divorce

When you know that a divorce is coming, you have a unique chance to make sure that you are prepared for what's to come. Many people will focus on trying to shore up their emotions in the instances. You can't limit yourself to only that. Instead, you need to figure out how you can stabilize your financial future. This can be a challenge.

One of the first things that you should do is try to get an inventory of the assets that are part of the marriage. This will come in handy during the property division negotiations because you will have an accurate account of what needs to be divided. While this won't make your immediate future any more stable, it can help the long-term situation.

Next, you need to take a look at the money. If you have an income, this is what you will have to rely on for support when the divorce happens. You need to create a budget based on this information. Don't think that you are entitled to financial support of any type from your ex because this might not be the case. Alimony, for example, has very strict criteria.

As you are trying to find ways to shore up your finances, remember that the decisions you make now can impact you in the future. This is important because you don't want to shortchange yourself later just to make life a little easier today. Making smart investments and trying to save money when you can will only help you down the road.

There are times when visiting a financial planner might be beneficial. You might want to consider this if you just want a little help to put together a plan that fits your life. Plus, this might help you to decide how to handle the assets that you walk away with when the divorce is finalized.

Source: The Balance, "How Women Can Prepare Financially for Divorce," Jean Chatsky, accessed May 04, 2018

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