Financial Preparations for divorced single parents is really important since the divorce process alone can be a financially draining event. You have to think about a lot of thing to pay for like your lawyer, the preparation of legal documents and the additional daily expenses you may have to deal with until you and your partner part ways.  A divorce can also pose a lot of potential financial risks once you and your partner decide to call it quits, and there is a great need for detailed preparations to avert any future financial disaster.

So how could you prepare for a secure life after divorce? There are several ways in which you can do this.  With careful financial planning and preparation, it is certain that you would not be experiencing the financial crunch that most divorced individuals are facing nowadays. Listed below are tried and tested methods to secure your finances after the divorce.

Time the Divorce Perfectly

A divorce can have great financial consequences and even more so when you take in the factor of the family’s current financial status when you and your partner decide to call it quits. Before initiating a divorce, take into consideration on who has a job and how much you each worker gains on a yearly basis. If the family is facing financial problems, it is recommended that you wait it out and decide whether or not to continue on the divorce.

Separate Non-Marital Assets

Deciding who’s going to get what may be one of the trickiest aspects of the divorce process. Since there is only a 50% chance that you are going to get the best items that you and your partner bought together as husband and wife, it is recommended that you make a mental list of your non-marital assets. These non-marital assets are not available of the equitable distribution process that the court mandates. This means that they are not to be divided between you and your ex-partner after divorce.

Non-marital assets, by definition, are the items that you personally inherited, items brought before the marriage, gifts given to you specifically instead as a married couple, and any proceeds from whatever personal injury that you had in the past. There are cases when non-marital assets are mixed with marital assets, preventing them from being claimed. If this should happen, you should be prepared to show documents that you bought this item before you were married. A paper trail showing the transaction dates, signatories and other important info would even be more effective.

Create Your Own Credit History

There are instance when individuals divorce and one partner can take advantage of whatever court mandate imposed to get financial support from their former partner. Though this is quite a clever method of keeping your finances secure with the reluctant help of your former partner, it can be quite risky if you become too dependent on their finances. Should you former partner face major financial crisis, chances are you are going down with them.

With that in mind, it is recommended that you start your own credit history. This is important since you may find a need to avail of a new credit card or mortgage loan when you are back on your own and these things require a credit history. You can start on this by opening a new credit card, or having you name on several household items and investment.

Close Your Joint Accounts

When it comes to divorce, it is better to be proactive and anticipate the many things that may impose a terrible burden on you in the future. A joint account may be good when you’re married; it’s another story when you’re divorced. When you’re having financial preparations for divorced single parents, it is recommended that you realize that these types of accounts are the sources for a lot of financial headaches. The last thing that you want to be is in debt for something that your former spouse bought.

When you are still in undergoing the divorce process, it is recommended that you plan ahead. Contact you bank and credit card companies and notify them to have your joint accounts frozen or terminated. This would prevent your spouse from withdrawing money without your knowledge, and help you save on money that you may need when the time comes.

Conserve on Finances

When it comes to divorce, it is a must that you keep your financial problem as simple as possible. Do not do something that will make your financial problems complicated. One of the greatest temptations when being back to a single status is the drive to spend on a lot of expensive items and other caprices. When you do this, it is certain that you will burn through your money quickly and will leave you in debt.

After divorce, it is a must that you save on a lot on your money. This is even more important when you are the one left with the children since you have mouths to feed and tuitions to pay. This means that you should plan your expenses accordingly, spending on what is truly needed than what you want.

Seek Help

Truth be told, securing your finances in light of divorce can be quite difficult especially if you are clueless. With that in mind, it is advised that you seek the advice of an organization that will help you plan your finances accordingly. The Association of Financial Divorce Planners, for example, is made up of the best financial analysts, lawyer and mediators that are more than willing to help you iron out the finer details of your financial plan after divorce.

A divorce can drain you of your finances, and efforts to secure your finances can be take a lot from you. But with careful planning and commitment, you can easily weather the financial crunch that most divorced individuals are facing. This can only be made possible through sound financial preparations for divorced single parents.