Choosing to divorce your partner is one of the biggest decisions you will ever make. You may find yourself experiencing a variety of emotions at this time and feel inclined to rush the process of finalizing everything. But rash decisions often lead to a poor outcome, particularly where finances are concerned. Before you file your divorce papers, take some time to prepare yourself financially with the following suggestions.

Know what kind of costs you may incur

Divorce can become very expensive. You should assess your financial situation and take an inventory of all individual and jointly owned assets. Be sure to work with a financial expert so you can get the true value of your properties.

Develop a new budget

Determine how much money you will need to live on your own. While expenses may go down when supporting only yourself, the loss of the second income may still hurt. Consider every possible expense, including your health care costs and shared debts. Try to pay off as much marital debt as you can. Close all accounts you share with your spouse. If he or she falls behind in payments, the delinquency can make it harder for you financially recover after your divorce is over.

Do not overlook your needs

Don’t be afraid to ask for what you want out of your divorce. If you do not say anything, you could end up missing out in the settlement. If your partner says no, negotiate or offer to split or share certain assets.

You might not enjoy the thought of divorce. But you must plan your strategies carefully and do what you can to improve your financial profile and prepare yourself for what comes after.