You know you want to dissolve your marriage, but you have a lot of uncertainties to deal with. For instance, how do you save money and time on divorce?
Kiplinger explains which financial moves to make sooner rather than later while divorcing. Learn how to split from your spouse efficiently.
Use budgeting software
If you do not already, track your expenses and income with financial software. Doing so makes it easier to paint a picture of your financial health, which is essential for the property and asset division phase of divorce. When possible, note individual and shared expenses between you and your current partner.
Gather financial documents
While tracking your spending, consider which financial documents help create a context for your financial health. Print out physical copies of bank statements, pay stubs and tax returns. If you and your soon-to-be-former partner applied for a mortgage together or refinanced your house, you likely need much of the same financial paperwork for your divorce.
Write sources of income
Note how much and when you and your spouse get paid. Include deferred compensation, bonuses and base salary. If either of you owns a business or real property, write investment income and interest. Does your current partner travel a lot for work? If so, write airline miles and hotel points. These details could affect your legal situation more than you realize.
Set yourself up for success in your post-divorce life by following the right financial and time-saving tips. A little digging and preparation may go a long way in giving you peace of mind.
