Divorce Tips and Divorce Advice (For Women)

Preparing financially for your divorce is critical. Proper preparation can make a huge difference in your quality of life.

To start, you need to assess where you will be financially after your divorce.

In the United States, men are the primary breadwinners in roughly two-thirds of all married, hetero couples.

If this is your situation, it is essential to give thought to how you will care for yourself financially after your divorce settlement. If you are already financially independent, you still need to understand how your financial situation may change after your divorce. Being prepared helps you protect yourself and your future.

Create a Budget

Creating a budget is essential when you are starting a new, post-divorce life. You need to be sure to include payments for housing, auto expenses, utilities, food, gas, phone, entertainment, clothing, medicine, childcare costs, and any other monthly expenses.

You also need to determine how you will make payments that are due quarterly and yearly, like taxes. Breaking down everything you need to pay helps you determine how much you need to make each month and exactly what you can afford. If you need help with your personal finances, you might want to speak to a financial planner.

Gather Your Financial Documents

You need copies of all of your financial documents, and it is a good idea to gather them as quickly as possible. Also, it’s best to keep them in a safe place.

If you are living with your spouse during your divorce, you might want to keep copies with a friend or family member you trust. Some of the documents you should have on hand include:

• Bank statements
• Tax returns
• Credit card statements
• Student loan documents
• Home loan statements
• Auto loan statements
• Retirement account statements

You will need these documents during your divorce proceedings so you can make informed decisions and potentially present them to the court at a trial, so you should be ready to provide them.

If your spouse is not forthcoming, having copies of your shared accounts will help potentially avoid expensive discovery requests and protect your interests.

Check Your Credit Report

Checking your credit report helps you get an idea of where your credit stands. If you were not the spouse in charge of finances, checking your credit report can also reveal any debt that needs to be addressed during the dissolution.

Additionally, as you move to financial independence, knowing your credit score is essential. Finding housing and making large purchases are a lot easier if you have good credit. So, it is a good idea to know where you stand and, if necessary, find ways to improve it.

Decide if You Can Stay in Your Home

Not all divorcing women want to stay in their marital homes after the divorce. However, if you do wish to stay, you need to know if you can afford it. The last thing that you want after going through a divorce is to lose your family home because you are unable to maintain it.

If you purchased the home during marriage, it is presumed community property. This means both spouses have an interest in the property. So, if you want to stay in the home, you will need to pay your spouse for their part of the property.

If you do not have the money to pay your ex-spouse, you may be able to refinance the property or take out a home equity line of credit to pay your ex-spouse for their interest.

However, you need to consult with a lender to determine your eligibility. You also need to factor the monthly payment into your budget as well as account for property tax, maintenance, and other homeownership needs.

If you are unable to afford to stay in your home, you need to begin looking for other housing that fits your budget.

Find a (Better) Job

If you are not currently working, you will need to find a way to support yourself after your divorce. Even if you receive alimony payments and/or child support, you will still likely be unable to afford necessities without a job.

If you already have a job, consider if you need to begin a search for a better-paying one.

Perhaps without your spouse’s income to supplement yours, you may find yourself financially lacking.

Of course, you should discuss this topic with an experienced divorce attorney, as your job (or lack thereof) can impact your request for spousal maintenance (alimony).

Review Your Prenuptial Agreement

Many couples choose to sign prenuptial agreements before they marry. If you signed one, you need to review it with your divorce lawyer. While the state of Arizona recognizes the premarital agreements without consideration, some situations might make your agreement invalid.

Identify Post-Divorce Benefits (Alimony & Social Security)

Alimony is also known as spousal support or spousal maintenance. If your partner has been providing for you throughout your marriage, requesting alimony could be important. Not every divorcee is entitled to this type of support.

However, if your partner was the breadwinner in your relationship or you were a full-time stay-at-home mom, and you cannot meet your reasonable needs without continued financial support, a judge may grant you spousal maintenance. Many factors go into receiving alimony, so you should seek legal advice from a divorce attorney before you decide if you want to request this type of support.

Additionally, you may be entitled to collect on your ex-spouse’s social security benefits. You should research any potential benefits you may be entitled to so that you can better plan for your future.