Preparing for Divorce

by Willow Editorial Team

GOING THROUGH A DIVORCE IS AN EMOTIONALLY DRAINING EXPERIENCE FOR MOST OF US.

Unfortunately, when paperwork and lawyers start to fill your days, things like working out and making healthy meals fall by the wayside.

Remember, YOU are your most important asset! Especially if you are also caring for your children or other loved ones. You must be healthy and strong to be able to be there for others.

As you begin the process, here are 4 important actions you will need to take to make sure your finances are in order:

1. Financial Inventory
One of the first things you and your spouse should do is complete a full inventory of your finances. This should include compiling a list of whatever income, debt, retirement accounts, bank account balances, and property such as homes, vehicles, and valuables for both yourself and your spouse. A spreadsheet that lists out each item and its value will come in handy later.

2. Review your Insurance
In addition to reviewing the basics of your insurance policies, it’s important to consider the impact a divorce settlement could have.

3. Update your Beneficiaries
You will want to take stock of and update your beneficiaries (if needed) — for example, it’s a good time to remove your soon-to-be ex from the list.

4. Build a Trusted Support Team
Many women find having a trusted support team to be essential during this time. While divorce attorneys are often the most referenced, having a financial coach or advisor in addition can help bring a greater sense of security and stability to this uncertain process. Each specialist has their own area of expertise and having a comprehensive team can help you cover all the bases.

Relationships with friends and family may feel more strained during this time. It’s important to establish a supportive network with other allies such as therapists.

To better understand the process, we encourage you to sign up here and take Willow’s Divorce Journey Course.