3 Tips to Financially Protect Yourself During Your Divorce
There are many essential steps that must be completed before a divorce can be finalized. It’s important to seek legal guidance and keep a clear head when you’re making any decisions that could impact your overall financial situation. When couples prepare for life after divorce, they often focus on issues affecting the present, such as asset division negotiations or child custody determinations. They forget the little details that can impact their financial standing once they are legally single.
If you’re preparing to file for divorce or are currently completing the process, here are some important tips to help you protect your financial situation.
Tip #1: Protect Your Investments and Bank Accounts
Unfortunately, some spouses think they can beat the legal system by emptying their joint accounts prior to or just after filing for divorce. If you don’t trust your spouse, you can call your banks and brokerage firms to freeze your joint accounts. Bank accounts and investments are marital assets that are supposed to be divided fairly during your settlement. If your spouse empties your shared accounts, contact your attorney immediately.
Tip #2: Close Any Joint Credit Card Accounts
Some spouses are less thrifty than others, and you may not want to be responsible for any new or increased debts. If you don’t want to be liable for your future ex’s spending habits, contact your credit card companies and close any shared accounts. You may have to pay off the balance first, but your peace of mind is worth the price. You can verify that the accounts are closed by sending certified letters to the companies.
Tip#3: Request a Copy of Your Credit Report
Before the next chapter of your life begins, it’s important to have a thorough understanding of your financial situation. Unfortunately, if your spouse has a poor credit history, your own may be damaged by association. This may negatively impact your ability to buy property or take out loans once the divorce is finalized. You can request a credit report to verify your current credit standing and use the information to prepare for your future.
Concerned About Your Divorce? Seek Legal Guidance
Preparing for single life can be tricky without resourceful and knowledgeable legal representation. At Dale L. Bernstein, Chartered Law Office, our New Port Richey divorce lawyer can effectively guide you through each step of the divorce process and ensure that you are financially prepared for the future.
Don’t place your future in incapable hands. Call Dale L. Bernstein, Chartered Law Officeat (727) 312-1112 to schedule a consultation.