Aside from the loss of a loved one, divorce can be one of the most emotional and stressful times of a person’s life. In most divorces and marriages, one person is typically more in tune with the finances. This puts the other spouse at a disadvantage when discussing issues relevant to the divorce such as division of assets and liabilities, spousal support, and child support. 

First things first, you will want to set up new individual checking and savings, and begin using these accounts immediately for future deposits and expenses. You may also need to update automatic payments that were previously debited from joint accounts. 

Collect all relevant information regarding your finances – bank statements, credit card statements, bills, mortgage statements, investment accounts, pay stubs, and life insurance policies. This will provide you with the information you need to discuss division of assets and income. 

Spend an hour with a divorce attorney discussing your situation and the options. A little knowledge can go a long way when it comes to divorce. At this difficult time, it is important to have a trusted advisor in your corner to guide you through the process and look out for your best interest. Reach out to Faith Investor Services if you need guidance. Faith Investor Services is here to help you. Reach out to us at faithinvestorservices.com/contact.

Disclosure: All investments involve risk, losses may exceed the amount of principal invested, and past performance does not guarantee future results. This material is intended for informational purposes only and does not constitute specific legal, tax, or other professional advice.