For some, life in lockdown had you re-evaluating your relationship. Emotional strain, COVID-19 stress, financial trouble --divorce lawyers are expecting an increase in couples splitting up in the next year, but is now the best time to ask for a divorce?
There are some questions you need to ask yourself before you ever say the word “divorce” out loud.
First, have you made clear the concerns about your relationship? You may think your partner heard, but it’s possible they forgot.
Next, have you talked about the expectations of the roles you play? Together, write what you expect and divide up household chores and financial responsibilities.
Now for a big one -- are you prepared financially?
“It will be key for you to get hands on certain documentation and information ahead of proposing a divorce,” said Goretti Garcia, a financial planner at Woman’s Worth.
Garcia said to have at least five years’ worth of tax returns, your most recent W2 or 1099, your prenup or postnup, and your life insurance policy.
Next, consider this: are you ready to bear the responsibilities that your spouse took care of? This can mean managing a house alone and taking care of the kids.
“You have all these additional expenses that you have to provide for,” Garcia said.
Finally, if you have children, how will they be affected? Talking out the best way to handle the divorce for the kids may leave everyone with a better outcome.
If you decide to get a divorce, hiring a certified divorce financial analyst would be helpful. They are experts in achieving an equitable distribution of assets because they are aware of the tax implications. They can also bring up pensions and life insurance information, which are usually assets worried about later in life. For tips on women’s financial security, go to www.wiserwomen.org.