Many moons ago when I first started the blog Single Dads, I wrote a post where I gave you a list that included a bunch of things that you could do immediately financially for your kids. In the spirit of the immediate fix, I’ve decided to jot down a few things that you can do immediately if you are deciding about getting a divorce from the financial side.
Get a new checking account. Be honest and start thinking about your family’s shared cash. Is it possible that your soon to be ex will drain your joint accounts? If the answer is “maybe”, then you have a problem, especially if it’s a contentious situation. Get a new bank account.
Start looking at your credit card situation. If you’re at all like me, you’ll find that you had a lot more than cash tied up in your ex – you’ve got credit tied up in them as well. Unfortunately, anyone will tell you that credit can be your death if things go sour. Divorce is death on your credit. I immediately stopped using my cards that I shared with the ex when I had that “feeling”. You should too, if you know what’s good for you. You are going to need that money, probably to pay lawyers.
Closing vehicle loans. Seriously, do you really want to haggle over who gets the SUV if the dreaded thing goes down? How about do you want to haggle over the SUV loan? Please. Get rid of the payment if you can.
Those are just a few ideas. You’ve got to consider wills, insurance, and other financial matters as well. And most importantly, know where you are going to LIVE. You need a place to hang your hat.