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3 financial steps women should take when preparing for divorce

Are you a woman considering divorce or being faced with the reality that your husband wants to separate? No matter whether you initiate the divorce, it is a stressful process to go through. You may not even know where to start. There are so many issues to think of-finances, custody and property, just to name a few. Where do you begin?

One of the best things you can do before your divorce begins is get your finances in order. Here are some financial steps to take as you prepare for divorce.

1. Organize your financial records

You need to have various documents ready during your divorce. When you meet with attorneys and begin determining various aspects of property division, child support and alimony, your financial records are necessary. Gather your income tax returns, business financial statements, current income information and bank statements. You may need to provide more detailed documents such as retirement plans and stock options, if necessary.

2. Save up for divorce fees

Legal fees and other costs can add up quickly, which can be difficult to manage, especially if your husband controls access to family funds. If you are squeezed out of the funds when the divorce begins, you might not be able to hire the professionals you need to negotiate a reasonable settlement. Start saving now.

3. Open your own accounts

As soon as you know your divorce is inevitable, it is time to open accounts for yourself. You will need a credit card, checking account and savings account in your name. This helps you build or fortify your credit history and set you up for a strong financial future on your own.

If you prepare yourself for divorce, you can weather the storm and come out with your personal finances intact. Read more about these tips from a financial analyst on Forbes.

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