checklist for divorce: 5 tips to help you prepare

Divorce is a complicated, legal transaction. If you’re considering or have decided to get a divorce, it’s important to take some necessary steps to prepare for your divorce. Here's a checklist of five items to prepare for divorce.

1. Delay Significant Changes Until You Have a Signed Agreement

Unless there is abuse or an unsafe situation, in most states you are required to continue to live as you have been until the divorce agreement has been finalized.  For example, you should continue to deposit your paychecks into joint accounts if that’s how you handled finances in the past. If you have separate bank accounts, then you can continue to keep it separate. If you’re living in the same house, you probably should stay in the house together until you get to an agreement. This can be stressful. Focusing on your children and getting emotional support will help you make it through this temporary period.

2.  Inventory your Personal Property

List everything you own and co-own with your spouse. Gather relevant paperwork and take photos if necessary.

• House and/or Land
• Household items such as bar-b-que, electronics, furniture, etc.
• Personal Items such as jewelry, china, watches, golf clubs, family heirlooms, art, etc.
• Vehicles
• Pets

3. Organize and Separate Your Personal Information

There are many things to be aware of when going through divorce regarding your personal information. Here are some important items to think about:

• Divorce can negatively impact your credit. You might want to get a separate credit card and open your own bank account. Make sure that your state laws allow you to do this before you have a final divorce agreement.

• Get a secure email and change your passwords from anything you’ve used in the past. This includes social media accounts.

• Research where to get health insurance, car insurance and  life insurance.

• Make plans to change your beneficiaries on your life insurance.

• Make plans to change your will and your power of attorney. 

4. Gather Important and Essential Financial Documents

Both you and your spouse need to collect the following documents during the process:

• Copies of your joint tax returns for the last 5 years.
• Physical copies of all bank accounts, brokerage accounts, retirement accounts and any other financial accounts
• Include all of your joint assets in your list of mutual debts and liabilities. Gathering as much information as possible now will help you later.
• Documents about your joint debts like vehicle loans and mortgages.
• You and your spouse’s W-2 or any paycheck information.
• List of security deposit boxes
• Deeds and vehicle titles
• Real estate (including marital home) purchase price, market value and mortgage balance

Start understanding your finances by making a monthly budget, raising your income, and putting an emergency fund in place. Then think about whether or not you're going to stay in the home or move out. There are many decisions to make so thinking about what you want in your future is helpful.

5. Hire a good Divorce Coach

All of this can be overwhelming. Working with an experienced divorce coach will help you manage all aspects of the complicated divorce process. A divorce coach will help you decide what professionals you need which may include a financial professional and an attorney, among others. A divorce coach will help you decide what divorce process is best for your individual situation. A divorce coach will help you determine your goals and priorities and understand how to negotiate for what you want. Divorces can be very complicated. There are so many decisions you have to make. Divorce coaches can help you avoid costly mistakes. Hiring a divorce coach protects you and reduces stress.

Final Thoughts

A divorce can be challenging, but you can make it through and thrive. Let go of expectations and take one step at a time. Use your checklist and support network and you can come out stronger.