As a parent, you take on the responsibility and the challenge of finding the best way to guide your children through difficult situations. Even though you may have the ability to help your kids through predicaments that seem huge to them but minor to you, some issues can have significant burdens on everyone involved. One of those major issues relates to telling your children that their parents have chosen to end their marriage.
A lot of divorces involve lengthy court battles and adversarial attitudes. Couples may not realize that they have the option of avoiding court altogether. A method called collaborative divorce allows the divorcing spouses, with the help of a small team of third-party members, to discuss and reach agreements about matters like property division and child custody.
Once you and your spouse have decided that divorce is the best option you will likely want to get things moving quickly. Even if you want to proceed as soon as possible it is important to first take a few hours to fully understand your finances. If you are not financially prepared you could get surprised with unsettled debts, lost documents, and unknown future expenses. Follow these seven steps to get a better understanding of your financial situation.