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Money manager ex onedrive7/31/2023 Get Your Own Credit Cards: This isn’t much of an issue if you already have your own credit cards. All assets need to be accounted for to avoid penalties and drawing the proceedings out longer than necessary. Open Your Own Bank Account: You need to open an account in your own name if you haven’t already.Ĭlose Joint Bank Account: Unless you’ve worked out the details with your ex, wait until the divorce settlement is finalized to transfer funds from joint accounts into individual accounts. Hiding or lying about assets can lead to penalties and create a toxic atmosphere of bad faith. If all of your assets were tied together, it can be a bit more involved.īe Honest No Matter How Much It Hurts (and it might hurt): Be extremely open and transparent about your assets, not only for legal reasons but moral ones as well. If you and your ex maintained a degree of financial independence during your marriage then this is a lot easier to manage. Then, bring it all to your CPA to prepare a Schedule A, or list it out where applicable if you do your own taxes, and report those costs to the IRS. Ask your attorney or mediator to provide you with an itemized list of services performed and attach it to your tax documents. Furniture or Appliances: You’ll need to replace all the important stuff your ex gets to keep (example: refrigerator, washing machine, kitchen table).ĭon’t Forget: You might be able to write off some of your divorce settlement fees come tax time, as well as any alimony or child support payments.Moving Expenses: Factor in any trucks, vans, or services required to move your things, as well as the basic utilities to get up and running (gas/electric, internet).Rent/Mortgage For A New Home: Don’t forget any security deposits, finders fees, or other costs that can quickly add up.Car: You may need to buy or lease a car if you shared one with your ex if you get the car in the divorce you’re now responsible for the payments. Alimony & Child Support: Payment schedule and duration will depend on the final settlement.If it’s a battle that drags on for years it’s obviously much more expensive than $300. If you work out all the details amicably and opt for free mediation, it can just be the cost of filing the paperwork with the court (around $300). Legal Fees: This can vary greatly depending on your situation.The following should give you an idea of the money you’ll most likely have to spend while transitioning into life as a newly-single person.
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