Financial Steps to Take When You Are Divorcing

Divorce can be financially challenging, but you can navigate it smoothly with the right steps, especially through mediation.

At Peace Talks, we specialize in helping couples achieve amicable divorces, including handling their finances sensibly. Here’s a guide to financial steps to take when you are divorcing:

  • Gather financial documents – banking, investments, retirement and income documents
  • Assess your assets and debts – properties, loans and credit cards
  • Establish a post-divorce budget – it’s important to live within your means
  • Consider divorce mediation – it is amicable, faster and more cost-effective
  • Explore spousal support – mediation allows for a fair amount to be determined
  • Plan for child support – discuss and outline all child-related expenses, even the extracurricular needs
  • Update legal documents – update beneficiaries and executors in wills
  • Consult financial professionals – utilizing a financial neutral can help both partners find a fair asset division that is agreeable to both
  • Be flexible and collaboratively work with your spouse – be flexible where you can be
  • Divorce should not be about winning and losing. It should be about finding an amicable solution that is agreeable to each person

Achieving an amicable divorce while managing your finances sensibly is possible with mediation. Following these financial steps and choosing mediation can ensure a smoother financial transition during this challenging time.

At Peace Talks, our team of experts focuses solely on mediating family law conflicts. We are a full-service mediation firm specializing in helping people in Southern California settle their divorce in a sane and sensible manner.

We begin by helping you to articulate your financial needs, concerns, and objectives. Then, we help you identify accurate values for your assets, debts, income streams and expenses.

Whether you are getting divorced, planning your estate or negotiating a premarital agreement, our team of experienced, skilled divorce mediators and family law mediators will create practical solutions to complex financial situations.

Contact us today to see how we can help you navigate your finances in a civil, co-operative environment!

Note: This information is general in nature and should not be construed as legal/financial/tax/mental health advice. You should work with your attorney, financial, tax or mental health professional to determine what will work best for your situation.