Understanding Financial Planning in a Divorce

Going through a divorce can be an emotionally draining situation. But it also can be a financially draining one. Therefore it’s important to take steps to make sure you walk into it and out of it financially secure. Let’s take a look at your options. Make a List of All Your FinancialsYou should probably begin by listing and putting the numbers to all your assets and debts to get a full picture of your finances. Here are some examples: banking and saving accountsretirement accountsbrokerage accountscredit cardsmortgage(s)loansUpdate Banking AccountsAs a married couple, you may have had joint banking accounts and credit cards. You’d need to properly split these.You also should consider opening a personal checking and savings account to manage your future personal cash-related matters. And that may involve changing direct deposit information and other automatic payment data.