Preparing for divorce means something different to everyone. And while that may be true, everyone going through this process will focus some of their time and attention on their finances and the impact of divorce on their future.

Here are some of the most important money-related questions to answer as you prepare for divorce:

  • Where will you live post-divorce? If you own your family home along with your imminent ex-spouse, this question is sure to come to light sooner rather than later. Maybe you want to fight to stay in your home. Or maybe you’re okay with the idea of giving it to your ex in exchange for other assets.
  • Are you familiar with your income and expenses? A post-divorce budget is a must, as it outlines all your income and expenses, which allows you to best prepare for your life after divorce. Remember, your income and expenses are likely to change from where they are now, so don’t put this question on the backburner.
  • Will you receive child support and/or alimony? This depends largely on the circumstances of your divorce, but it’s something worth considering. Just the same, you may realize that you have to pay one or both of these, which will also affect your finances.
  • Are you protecting your long-term future? One of the biggest mistakes you can make is focusing so much on the here and now that you overlook the impact of divorce on your future, such as in retirement. If you make money-related mistakes during and after your divorce, it could harm your ability to retire when you want.
  • Do you have a steady source of income? If you’ve always worked, you don’t have to address this question. But if you relied on your spouse to earn all the money for your family, it’s something that you need to immediately address.

As you prepare for divorce, you must focus on your current financial circumstances as well as what the future will throw at you. When you have a plan in place and goals to strive for, you’re in better position to protect your legal rights and set yourself up nicely for post-divorce life.