While an uncontested divorce means that you likely have fewer obstacles ahead, you still need to prepare your finances for your marital split. In every divorce, amicable or not, both parties have to make themselves aware of costs and what documents they need.
NerdWallet breaks down financial preparation tips for divorcing couples. Learn how to keep your finances from becoming your biggest adversary during your split.
Be careful about spending
If you and your current spouse have a shared bank account, be careful about your spending. Even with an uncontested divorce, not being transparent about how you spend money or changing your spending habits for the worse could trigger a flare-up of animosity between you and your soon-to-be-ex. Talk about how the two of you plan on spending funds in your shared account, and how you want to dissolve your shared account.
Think twice about major financial decisions
You may want to get proactive about changing the beneficiaries on your will, retirement plan and the like. It is good to prepare yourself, but it is better to make a note of what you want to change and discuss that with your legal representative. By making changes without consulting your soon-to-be-ex or your legal advocate, you may inadvertently back yourself into a corner.
Get your paperwork together
Plan on gathering a generous amount of paperwork and information for your divorce. Specifically, divorce often calls for bank account statements, income tax returns, retirement account statements, assets/debts and pay stubs.
Do your part to start the next financial chapter of your life on the right foot. Talk with your legal representative for more tips on financially preparing for a marital split.