Divorce Financial Checklist: 8 Things You Must Do
Even though going through a divorce is one of the most difficult things in life, having all paperwork and a divorce financial checklist at hand can simplify the process a lot and ease your mind a bit. There are going to be a lot of things swimming around your head. However, you do have to think practically, particularly when it comes to your finances.
On this page, we are going to share a divorce financial checklist with you. Basically, the financial things that you really need to focus on during your divorce. Do note that a divorce lawyer will be able to help you with some of this stuff.
Here’s Your Divorce Financial Checklist
1. Make a List Of Debts
First up on our divorce financial checklist is making a list of all of the debts that you have. This includes debts in your name, as well as debts shared with your partner (notably, a mortgage) At some point, the two of you are going to need to discuss how your joint debts are to be split. This is something that will often go through a bit of legal wrangling with your lawyers. However, the lawyers will need to have as much information as possible to go through this process.
2. Check Your Credit Report
At this point, you will want to check your credit report. There are a few reasons for this. Firstly, it may identify any shared accounts or credit that you and your partner had that you had forgotten about. It will make it much, much easier for you to close down these accounts during divorce proceedings. Secondly, you will be able to start correcting any errors on your account and get into the swing of improving your credit score.
3. Close Down Any Joint Accounts
This is something that you need to discuss with your spouse or, if you are not on speaking terms, through the lawyers. The two of you will need to work together to close down joint accounts and go through asset distribution. This is something that your lawyers will work you through as you go through your divorce financial checklist.
4. Open Up An Account In Your Own Name
If you don't have a checking account of your own, now is the time to open an account in your own name. Preferably, you will want to ensure that the account is at a bank that is different from where you hold your joint account. It isn't necessary, but it makes things a little bit easier, and you can see some separation there.
5. Make A List Of Your Joint Assets
It is vital that you make a list of all of your shared assets (which will likely be most things in your marriage). These will be split eventually, and the lawyers will need to know that everything has been itemized properly.
6. Get A Credit Card In Your Name
After your divorce, you will want to start to rebuild your credit rating (remember, you will be closing down a lot of accounts here!). One of the best ways to do this is to get a credit card in your name. Make sure that you use the credit card, and you pay it back each month. Your credit rating will start to increase as it will demonstrate that you know how to manage your credit.
7. Monitor Your Spouse's Spending With Joint Accounts
For a while during the divorce process, that joint account will still be open. It is important that you monitor what your spouse is doing with that account. While they can use it still (the assets are theirs), you may want to ensure that there is no frivolous spending. If there is, then talk to the lawyer. They may be able to secure a judgment to stop it.
8. Gather Your Tax Returns
Last up on our divorce financial checklist is to get your hands on the last 3-years of tax returns from the IRS. These are going to be required throughout the process.
Need Cash During A Divorce? A Title Pawn Could Be An Option
A divorce can be financially draining, particularly if you do not have access to certain funds that you used to have access to. This is why many people going through a divorce may need to turn to a title pawn for emergency cash.
To get a Georgia title pawn, you must have a lien-free title in your name (not in your partner's name). If you do, the pawn can be secured against your vehicle. The title pawn amount will depend on the value of the vehicle. Georgia Auto Pawn, Inc. can provide up to $15,000 based on the results of the vehicle inspection.
A title pawn could be of particular benefit to divorcees. You may be able to obtain one even if your credit rating isn't great, and you do not have to provide proof of your income. If you are transitioning to your own checking account, you will also be pleased to know that there are no checking account requirements for a title pawn. There are alternative ways to provide you with cash. If that wasn't enough, the entire inquiry process can take under 30-minutes, with most pawns being funded within a few hours.
Get A Title Pawn Today
As you work your way through the divorce financial checklist, you may find that there are funds that you previously had access to which you can no longer touch e.g. joint accounts or certain credit cards. At least, not without causing a few legal issues. If you need emergency cash during a divorce, an online title pawn could be an option. Get started by filling in the inquiry form on our site today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.