If you are thinking about filing for a divorce, there are some essential steps you need to take. You will need to gather all your financial records, create an after-divorce budget, look for health insurance after a divorce, and explain the situation to your children.
Gather Financial Records
One of the most critical steps in preparing for divorce is gathering financial records. A complete picture of your assets will help your attorney determine yours and what is not. Gathering this information ahead of time will save you a lot of stress.
You will want to know how much you and your spouse are earning, your expenses, and your debts. If you have children, you will also need to know how much they make and their costs.
As you gather your financial records, make a list of your assets and liabilities. This will help you prepare for divorce and reduce your expenses in the process. It will also help your divorce lawyers in Pasco County Florida ask for documents from your spouse.
The legal process of a divorce can determine your assets, who gets what, and whether or not you will receive spousal support. You may also have to prove your expenses so the court can determine a fair child support agreement.
Explain the Situation to Your Kids
When parents decide to divorce, it can be an emotionally charged time for children. They may be confused and regress or withdraw. Fortunately, there are ways to ease the stress of telling kids about the split.
It’s essential to take into account the child’s age. This will affect the amount of information they need to know. Younger children may require less detail. Nevertheless, preparing an outline of the significant points you plan to discuss is still a good idea.
You can also keep the lines of communication open by reading books together. Likewise, ensure your children know you are there for them if they need you.
The best way to explain the divorce to your kids is through a thoughtful conversation. This means you should be prepared to answer their questions for as long as they need you.
You should also give them some practical advice. For instance, if you are moving to a new home, let them know where they will live. A new address, car, and new friends can help kids adjust to a change in their lives.
Create an After-Divorce Budget
Creating an after-divorce budget is critical to a successful financial recovery. Divorce can drastically change your finances. It can affect your living situation, income, and long-term and short-term goals.
To create an after-divorce budget:
- Start by gathering your income and expenses. You should also review your bank statements and credit card statements.
- Fill in all of the blanks on a spreadsheet.
- If you are using computer software, use an online budgeting tool.
After creating your budget, make sure to review and update it regularly. This will help you avoid surprises. In addition, it will help you set up a savings plan. Ideally, you should build a six to twelve-month emergency fund.
Your post-divorce budget should include both monthly and annual expenses. It should consist of your income, shared expenses, and extracurricular activities. Consider the costs like your vehicle, health insurance, and child care.
Look for Health Insurance After a Divorce.
If you’re preparing for a divorce, your health insurance is one of the most important things you need to keep track of. Depending on your circumstances, you may be able to stay on your spouse’s health insurance, or you may have to switch to a new plan. Regardless of your choice, your coverage will be impacted by your situation, so it’s best to seek advice from an experienced insurance broker or attorney.
For most people, maintaining their employer’s coverage is the best option. This can be a more economical choice than COBRA. However, if you need more time to shop for a new plan, COBRA can help you get covered for up to 36 months.
Alternatively, you can get covered through the ACA. Many state exchanges will allow you to enroll in various plans to see which is right for you. The open enrollment period begins November 1 and runs through December 15 for marketplace coverage.