To prepare for life’s unknowns, a person must use the knowledge and information they have at hand to formulate the best path forward. This is exactly what to do when heading into a divorce. A divorce can feel emotionally devastating, but there are some things those in Michigan can do to get through this event with as little damage as possible.
Make copies of important documents
When a divorce becomes inevitable, one of the first things to do is to make copies of important financial records and other important documents. These should include tax returns, retirement account statements, life insurance policies, mortgage information and automobile loans. Don’t forget to make copies or print out any data stored on the home computer.
Know household expenses and income
If possible, go through expense records for the past year. Write down mortgage payments, utilities and other household expenses for each month. Also, keep track of the daily expenses to get an idea of what post-divorce life will look like financially.
Start saving money as soon as divorce becomes imminent. A marital breakup can bring about many unknown expenditures. Divorce proceedings can be very expensive as well. Start saving now to build up a nest egg.
Speak with a legal professional
It goes without saying that spouses never go into a marriage with the intent on divorcing. So when a divorce happens, it can blindside an individual. For those in Michigan who are about to go through a divorce, it is recommended to speak with a trusted legal representative. An experienced family law attorney can provide guidance and inform clients of their legal rights and responsibilities.