When you think about how to financially prepare for divorce, what comes to mind?

Thinking about how much child support or alimony you’ll have to pay or should ask for? Or gathering up copies of your tax returns, bank statements, and spouses pay stubs?

While taking these steps are certainly helpful, there are a whole host of other things you can (and should) do to financially prepare for a divorce.

If you own a home, and you’d like to stay there, keep that in mind as you prepare financially for divorce.

Understand not only the costs associated with your monthly mortgage payment and taxes, but also the cost of necessary maintenance like landscaping, snow removal, gutter cleaning, etc. required to keep many aspects of the home in good working order. And whether you’ll be able to maintain an emergency fund for when things go invariably wrong.

Doing so upfront will allow you to give thought to your divorce planning and negotiation strategy as you enter the divorce process, and what financial moves you’re willing to make, or will need to do, in exchange for keeping the house.

When applying for a mortgage, having a strong credit score is crucial for securing a favorable interest rate. Many individuals overlook the importance of maintaining a good score, but as you prepare for divorce, it’s essential to understand where you currently stand and take steps to improve.

In a lot of marriages, despite having joint finances, one spouse is the primary account holder for credit cards, mortgages, and other debts. This can result in that spouse having a well-established history, supported by timely payments and longstanding accounts. If you’re the spouse without this history, financial institutions may view you as a higher risk, making it challenging to secure loans in your own name.

To address this, consider opening accounts in your own name and regularly monitor your credit reports from the Annual Credit Report website to ensure accuracy. This proactive approach will help you establish a solid credit history for when you apply for additional credit accounts or mortgages in the future.

You can also consider scheduling time with a counselor to see what steps you can take to improve your individual credit score. Doing so now will help when it comes time to open new credit cards or apply for a mortgage if you decide you want to keep the house.

If you’re divorcing later in life- often referred to as a “gray divorce“- it’s important to evaluate how your divorce might affect your Social Security benefits. By applying using your soon-to-be-ex’s financial records, you may be eligible for a higher benefit amount than if you applied using your own records.

To maximize your benefits, consider the following steps:

1. Research and Understand Eligibility: Familiarize yourself with the eligibility criteria for claiming Social Security benefits based on your ex-spouse’s earnings. Typically, you must have been married for at least 10 years and be currently unmarried to qualify.
2. Calculate Your Potential Benefits: Get your social security benefit statement to see how much you qualify to receive. Then use tools available on the Social Security Administration’s website to compare your benefits under both your own and your ex-spouse’s earnings. This will help you make an informed decision about which option is more advantageous.
3. Consider Timing: The age at which you begin claiming benefits can affect the amount you receive. Delaying your claim until you reach full retirement age (or beyond) can result in higher monthly payments.
4. Consult a Financial Advisor: Given the complexities of Social Security benefits and divorce, consulting a financial advisor or a certified divorce financial analyst can provide personalized guidance. They can help you navigate the intricacies of the system and develop a strategy to optimize your benefits.

By taking these steps, you can better prepare for your financial future post-divorce and ensure that you are making the most of joint assets and the benefits available to you.

When planning for divorce financially, understand that two households are more expensive to run than one. So, expect your post-divorce cost of living to go up. And with it, the likely need for you to generate more money than you currently do.

Beyond the immediate need for increased income, consider the long-term financial implications of divorce. Things like having to share in the cost of your children’s extracurricular activities, or contribute to their college tuition. This period of transition can be an opportunity to reassess your career goals and explore new job opportunities that align better with your financial future.

Additionally, it’s important to factor in potential changes in your work-life balance, especially if you have custody of children. Balancing a new job with family responsibilities may require adjustments, so plan accordingly to ensure stability for you and your children.

If you find yourself without a financial advisor, you’re not alone. Even if you do have one, it’s common for them to work more closely with one spouse, often leaving the other without personalized guidance.

If your advisor primarily assists your soon-to-be ex-spouse, it might be time to seek a new professional who can focus on your needs and well being more. Engaging a new, financial planner or advisor is a critical step in divorce financial planning and making informed future financial decisions.

You might wonder, “Why do I need one if I’m not a millionaire?” The truth is, no matter how much money you’ve got, a skilled money manager can be invaluable during a marriage or divorce.