SALT LAKE CITY, Utah (The Daily Dish) — As March proves to be a commonly chosen month for divorce, it’s crucial to take the necessary steps towards being organized and equipped before any significant steps are taken. Tammy Trenta, the Founder & CEO of Family Financial, shares valuable insights to guide individuals through this challenging period.

One of the first steps when considering a divorce is to gather family planning documents, including prenuptial and separation agreements, wills, trusts, and court orders related to child support and alimony. This will help ensure that any existing estate plans are updated to reflect the divorce and can help avoid potential conflicts in the future.

It’s also important to get a clear understanding of your financial situation. This includes knowing what assets and liabilities you have, as well as any income and expenses. Monthly statements for bank accounts, investments, retirement plans, and any other accounts with value should be gathered. This information will help create a budget and ensure you have enough money to cover your bills.

Looking at the budget and savings is also crucial when divorcing. This can help determine what each spouse can afford after the divorce is finalized, identify potential financial issues, and pinpoint any possible tax implications associated with the division of assets.

Trenta emphasizes a holistic, 360 degree approach to wealth and financial management. With over 25 years of industry experience, she integrates financial, tax, and legal guidance to deliver optimal outcomes on behalf of her clients’ financial goals.

If you’re considering a divorce, take the time to get organized and seek expert advice. It can make all the difference in ensuring a smooth transition and financial stability in the future.