Your Divorce Planning Guide: 7 Steps to Prepare for Divorce (Pt. 2)
Resuming Your Divorce Planning Guide: 7 Steps to Prepare for Divorce (Pt. 1), here, we’ll highlight some more essential information about divorce planning.
This is a key divorce planning step to take as soon as possible, as:
- It can inform you whether you may need to tighten your budget moving forward.
- Knowing your monthly expenses and diligently saving money now can ultimately help you save enough money for later if your income is cut off for whatever reason.
- Having a savings can generally help relieve your financial stress in the upcoming divorce process.
So, think about how much your monthly living expenses (with your children, if applicable) will be, and try to estimate conservatively to error on the side of caution. Once you have a number in mind, do your best to put enough money away so that you can cover your essential living expenses for at least six months.
Although this may seem like a lot to try to save, it can be achievable for those who start their divorce planning early (and, even if you don’t reach the goal of having six months of living expenses saved, getting close is still good and extremely helpful).
Given that your divorce planning may lead you to do things that require mail being sent to you – and that you may not want your spouse to see documents regarding things like new bank accounts or even attorney correspondence, having a private address can be essential.
An easy way to do this is to set up a P.O. Box where you can securely receive mail regarding your divorce plans or anything else you may not want your soon-to-be-ex to be privy to.
Another important reason to set up a P.O. Box in your divorce planning is that it can help you maintain a single, constant address where you know that you can receive important paperwork while you may be living between different residences (like a marital home and a rental or a parent’s home).
Don’t miss the upcoming conclusion to this blog series for some more essential divorce planning information.