How to Prepare Your Finances for Your Michigan Divorce

 Posted on January 17, 2019 in Divorce

One of the most common things that married -- and divorcing -- couples argue about is their finances. When you get married, you often combine your two separate financial situations into one. This can make things easier on you when you are married, but it can spell disaster if you are attempting to separate finances because of a divorce. 

While a divorce is a normal time to stress about money and your other finances, some stress can be avoided with preparation. If you properly prepare your finances for your divorce, you will come out on the other side not feeling like you lost everything. Here are a couple tips to use when financially preparing for divorce:

Make Sure You Have All of Your Financial Documents

Before you can begin to prepare your finances, you must know what you are working with. This is why you should gather any and all documents pertaining to any part of your finances. Try to make sure you have documents such as:

• Checking and savings account statements;
• Retirement and investment account statements;
• Documentation for any mortgages, auto loans or personal loans you may have;
• Credit card statements;
• Pay stubs;
• Income tax returns; and
• A list of any significant assets that you need to divide.

Explore the Possibility of Hidden Assets

If you even have the slightest concern that your spouse may be hiding assets from you, you should bring that issue up with your attorney. He or she will be able to help you know what you should be looking for and help you investigate records that your spouse may be hiding.

Anticipate Your Income and Expenses After Your Divorce is Complete

Creating a budget is typically a good idea. When you are married, you have two incomes supporting your household. Once you become divorced, you now only have your own income. It is safe to say that your lifestyle may change, but you should know what your income and expenses will be after your divorce. Once you know that, you can use that information as a basis for any spousal support or as a bargaining tool during asset division.

Hire an Oakland County Divorce Attorney Who is Skilled in Asset Division

At Elkouri Heath, PLC, we understand that your divorce can wreak havoc on your finances if you do not plan accordingly. Our knowledgeable Farmington Hills asset division divorce lawyers can help you examine your finances to make sure you will have everything you need. Call our office today at 248-344-9700 to schedule a free consultation.

Sources:

https://www.forbes.com/sites/nextavenue/2017/05/31/how-to-keep-a-divorce-from-wrecking-your-finances/#6669abf52a8e

https://www.nerdwallet.com/blog/finance/7-ways-to-prepare-your-finances-for-divorce/

https://www.forbes.com/sites/joeljohnson/2017/12/08/how-to-handle-financial-planning-during-a-divorce-4-steps-to-protect-yourself/#7d9a0997725f