Divorcing your Valentine? Take these three steps

On Behalf of | Jan 1, 2018 | Divorce | 0 comments

Valentine’s Day is not always about romance. If you are dealing with a declining marriage and even the thought of this lovey-dovey holiday makes you cringe, it is not just you. In fact, CNN Money reports that there is a substantial spike in divorce filings the day after Valentine’s Day. It is a day that causes many couples to realize they are not happy with their marriages.

Are you thinking about ending your marriage the more you think about this holiday? If so, you will want to take a few steps to prepare. Here is some advice for preparing for a February divorce.

1. Get a clear picture of your finances

Do what you can to understand your financial situation. Find out what you have in your retirement funds, bank accounts and investments. Determine the details of your mortgage, insurance policies and taxes. Understand what debts you owe and get your credit report. Start saving money to get ready for your expenses to double.

2. Do not let your emotions drive you

It is too easy for a divorce to turn into a drawn-out battle. The more you fight over petty items during a divorce, the costlier your separation will be. Plus, it will take a toll on your mental state. Try to remain rational, even though it can be easier said than done. As you plan to file for divorce, do not start unnecessary fights.

3. Review your estate plan

Take a look at all your estate planning documents, including the following:

  • Wills
  • Trusts
  • Health care proxies
  • Power of attorneys
  • Beneficiary designations

When you get a divorce, you may want to remove your ex-spouse from your estate plan wishes.

What was once a day of adoration may be the opposite this year. If you are considering dissolving your marriage instead of having a fancy dinner, follow these guidelines to make sure you are not at a disadvantage when you file.