How to prepare financially for divorce in Indiana

How to prepare financially for divorce in Indiana

When couples in Indiana divorce, many are extremely concerned about the impact dissolving their marriage will have on their financial stability. However, there are certain steps divorcing spouses can take before issues like the division of property and child custody are addressed to ensure their best financial interests are protected.

Steps to take

According to Forbes, there are several things divorcing spouses should do to stay organized during the divorce process and to elevate their chances of a positive outcome.

First, spouses should gather any relevant documents related to their bank and brokerage accounts, such as credit card statements, tax returns and mortgage documents, make copies of them and store them in a safety deposit box or entrust them to a friend or family member so that their future ex-spouse cannot take them away and prevent access to them when the documents are needed.

Second, divorcing spouses should monitor their spending and analyze what their income was like during the marriage and what types of expenses they incurred regularly.

Third, those embarking on the divorce process should open new bank accounts and credit cards in their name at an institution where their future ex-spouse does not bank. Spouses who are about to get a divorce who were not the primary source of income during their marriage should make sure that they complete this step while they are still married.

Lastly, divorcing spouses should establish ways to communicate with others privately throughout the course of the process. This may include setting up a new email account, obtaining a post office box for mail or obtaining a new cellphone and contact number.

Handling the emotional impact

During the divorce process, those worried about how their finances will be impacted by dissolving their marriage may become extremely discouraged. To prevent this from happening, CBS New recommends that divorcing spouses should:

  • Prepare themselves mentally for a process that has the potential to be emotional and stressful
  • Stay healthy by getting at least eight hours of sleep every night, eating healthfully, exercising regularly and minimizing alcohol consumption
  • Try to create balance by participating in enjoyable hobbies and activities, such as getting together with friends or spending time outdoors
  • Remember that the pain they are experiencing is temporary and focus on what the future holds
  • Seek support from a trusted friend or therapist

Additionally, those divorcing their spouse in Indiana should seek the assistance of a lawyer who can guide them and help them understand the intricacies of the divorce process. If you and your spouse are contemplating divorce, speak with an attorney to find out what you can do to protect your financial interests.