EP 24: When Should You Start Your Divorce to Best Protect Your Finances?

Welcome to the twenty-fourth episode of Divorce and Your Money Podcast. Your host, Shawn Leamon, MBA and a Certified Divorce Analyst, will cover what you should do when you begin divorce proceedings.

 

Knowing when you should file for divorce will be an advantage in the process. You need to keep three points in mind:

  1. Do you know how you are going to pay for your divorce?
  2. Do you have your financial documents in place?
  3. The status of your legal and financial team.

You should also be mindful of any other major life changes going on that may affect the timing of your divorce.

First, you need to know how you are going to pay for the divorce. You will have to pay for an attorney, a Certified Divorce Financial Analyst, a therapist, and perhaps other people as well. If your financial situation is satisfactory, you can move one step closer to initiating the process.

Second, you need to make sure you have all your financial documents in place. These are the most important factors in your divorce, as you need proper documentation, which should be tended to as soon as possible. You can find the checklist about the documents you will need in the first chapter of Divorce and Your Money: The No-Nonsense Guide.

Third, you need to decide if you have the right team of people in place. You have an attorney; a financial expert, such as a Certified Divorce Analyst, who will guide you in making the best financial choices; and a good therapist on your team, as the divorce process can affect your emotional well-being.

You also need to consider if any major changes in your life might affect the timing of your divorce, for example, sale of a house, going on a big vacation, or receiving a windfall.

Key Learning Points:

  • Knowing when to file for divorce can give you a jump-start in the divorce process.
  • You need to know three key things before you start this process:
  • Do you know how you are going to pay for your divorce?
  • Do you have your financial documents in place?
  • The status of your legal and financial team.
  • Beware of any major changes in your life that might affect the timing of your divorce.

Thank you for listening to the Divorce and Your Money Podcast. We hope the show helps you through one of the most difficult periods of your life. Shawn Leamon is also the author of Divorceand Your Money: The No-Nonsense Guide. One-on-one divorce coaching services are available at www.divorceandyourmoney.com.

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