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How to Prepare Financially for Divorce - YouTube
Channel: Rebecca Zung
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are you getting ready to divorce and you
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want to know how to prepare yourself
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financially
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by the end of this video i'm going to
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give you lots of tips and tricks
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on what to do to prepare yourself
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financially for a divorce
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hi i'm rebecca zong top one percent
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attorney and the best-selling author of
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the books
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negotiate like you matter and breaking
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free a step-by-step divorce guide and
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i've helped
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thousands of people just like you
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through divorces
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when they were in the depths of drama
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trauma and chaos
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and i've helped them step into lives of
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freedom possibility and purpose
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and i give you tons of information and
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tips and tricks
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right here on this channel so if you
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haven't subscribed to my channel already
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make sure you do that now subscribe and
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hit that notification bell
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and that way you'll get notified when i
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upload brand new content
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now let's talk about how to prepare
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yourself financially
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for a divorce if you are getting ready
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to go through a divorce it's different
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to prepare financially if you are the
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what we
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call the money spouse or the non-money
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spouse the money spouse is usually the
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one
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who is making more money and very often
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times the money spouse is the one who
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has more control over the finances
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sometimes it's not necessarily that way
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sometimes you
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see the person making the money and then
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the other person who
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hasn't been making as much is the one
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who
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has been paying the bills and in control
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of the finances
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but a lot of times what you see is you
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see the money spouse
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also usually has control over the actual
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money
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so if you are the non-money spouse or
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the person who doesn't have control over
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the finances it's really even more
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important for
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you to prepare yourself financially for
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divorce
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and if you are getting ready to divorce
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a narcissist or anybody
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make sure you check out my video on
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before you divorce a narcissist
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watch this because that will give you
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tons more information
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if you are getting ready to divorce a
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narcissist or
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anybody and you're in it to win it give
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me a
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in it to win it in the comments
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regardless of who you are whether you're
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the money spouse or the non-money spouse
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the very first thing you're going to
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want to do is gather your financial
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documents
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so when you go to file for divorce and
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once the divorce is filed regardless of
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where you are
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you will have to disclose information
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about your finances
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so generally that means a couple of
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years of tax returns
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several months of bank statements credit
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card statements
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you know savings accounts and checking
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accounts for both personal
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and business it also means credit card
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statements for both personal and
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business
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and it usually um means any kind of
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prenuptial agreements
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deeds for real estate um
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retirement account statements pay stubs
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the way that you've been paid you know
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whether it's uh
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maybe it's a 1099 or maybe it's a
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w-2 or maybe it's a k-1 but
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you will need to be able to have access
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to all of that information
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or actually copies of all of that
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information
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your lawyer will need that and you know
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for how long will you need it for
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i mean at least several months worth of
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financial
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statements for banks and credit cards
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probably at least a couple of years of
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income
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information for um your
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tax returns and then at least a couple
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of months of statements for
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current pay pay stubs things of that
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nature
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so that's number one is gathering your
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financial information
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sometimes if you're the non-money spouse
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it can be kind of hard to get
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access to that don't beat yourself up
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over it if you can't get access to it
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then it will have to be disclosed anyway
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once the case gets started but it's a
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little bit easier for your lawyer
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if you've already got that information
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because
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now that avoids having to send out
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requests to produce
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and then if the other person doesn't
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produce the documents
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then your lawyer now has to file some
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kind of motion to compel
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the information to be um disclosed to
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you
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so i would just say the more you can get
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your hands on the better it is
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i actually had a client one time who
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would just
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get little bits and pieces and and you
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know she would just drop it off at my
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office and
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she did that for like two years before
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we actually even started the divorce but
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um that's what she did and so gathering
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your financial information is going to
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be really really important
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number two is going to be understanding
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your lifestyle and tracking your
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expenses
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so if there's going to be any kind of a
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claim
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with regard to alimony or support
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or maybe even child support or something
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like that lifestyle
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and and monthly expenses may
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end up being an issue so it's really
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good if you have a really good
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understanding of how much you've been
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spending monthly
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on anything you know including
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mortgage taxes insurance electricity
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utilities cell phones but also
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dining out insurances pet expenses
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grooming gifts for people any kind of
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children's expenses
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tuition lunches
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anything that you're spending for the
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children extracurricular activities
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things like that so
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make sure you have a really good
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understanding if you can
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of what the lifestyle has been because
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that will also help you as well
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sometimes people need to hire forensic
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accountants for lifestyle analysis
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and if you've already done the work it
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will save you
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lots and lots of money number three
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is having access to cash because
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especially if you are the non-moneyed
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spouse
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yes your lawyer can potentially file
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something for you to get
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some sort of support for you
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on a temporary basis and going forward
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and yes maybe
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your spouse will continue to deposit
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their paycheck into the joint account or
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let you have access to credit cards and
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things like that but they may not
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they may cut off your access to that and
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yes your lawyer can file something that
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orders the court that where the judge
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will order the
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narcissist or whoever the other person
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is to
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continue to pay for those things for you
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and can you continue to give you
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access to those things but in the
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meantime
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while they've cut you off your lawyer
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has to
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file the motion get the hearing time
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get in front of the judge get the judge
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to give a ruling
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and all that time you're trying to live
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and how
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are you going to so if you can
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ideally it would be better if you have
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at least a few months worth
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of cash that you have access to that you
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have sole control over
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and also enough to hire a lawyer
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if possible if you don't have a way to
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save it up for yourself
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maybe you can call upon family members
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or friends to
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get a loan for you so that until your
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lawyer can go and get that money back
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from the spouse
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from a court hearing that you uh take it
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out in loans and
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obviously there's no guarantee that you
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can get it back but that is something
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that you will want to talk
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to your attorney about but in the
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meantime if you can get access to having
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enough cash to
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let you know get you going for a few
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months and also
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hire an attorney that would be the ideal
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situation
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the last thing is just prepare yourself
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and your documents
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and making sure that your trust account
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i mean any trust documents or wills or
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anything like that
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state what you want them to say because
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once you get
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going with the divorce you may or may
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not be allowed to change beneficiaries
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or
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change what is in your
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trust documents or your wills or things
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like that or beneficiaries on iras
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because sometimes depending on the
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jurisdiction that you're in
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there may be a standing order issued
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that it gets issued it's an
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order of the court that gets issued as
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soon as the divorce is filed
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which precludes people from making big
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changes
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so you know it will preclude you from
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also putting the house on the market or
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doing anything like that
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unless you agree to
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putting it on the market or making these
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big changes
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so um if there are changes that you want
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to make you should probably talk to your
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lawyer but those are the kinds of things
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that you're going to want to do
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prior to the divorce being filed
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so if you are getting ready to divorce a
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narcissist and you're getting ready
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or anybody and you're getting ready to
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negotiate with that person you should
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definitely check out my free crush my
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negotiation prep worksheet
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you can get it at the link below or just
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go to winmynegotiation.com
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do not go into a negotiation without it
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and if you are dealing with a narcissist
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or any other kind of high conflict
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personality
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make sure to come on over and join us in
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my free private facebook group it's
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called narcissist negotiators with
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rebecca zhang
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and we'll drop a link to that below as
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well
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if you like this video give it a like
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give it a share drop me a comment let me
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know that you were here
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i'm so glad that you were here so if you
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haven't subscribed to my channel now is
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a good time to do that subscribe and hit
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that notification bell
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i'm rebecca song i'm so glad that you
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were here and that you stopped by my
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channel
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and remember today is a great day to
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start negotiating
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your best life i'll see you in the next
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[Music]
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video
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you
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