Protecting Yourself Financially During Divorce

The best way to get through a tough #divorce is to prepare ahead of time. Of course, if you’re on the receiving end of divorce paperwork, planning ahead might not be possible. But no matter where you are in the process, there are steps you can take to minimize damage to your finances along the way.

Hire an Experienced Divorce Attorney

When friends and family find out you’re heading for divorce, they are often quick to offer names of attorneys they know. Unfortunately, unless they’ve been through a divorce themselves, they often send you to their business or real estate lawyer. While intentions were good, it pays to meet with several attorneys who specialize in divorce matters. These niche professionals have seen it all and know how to avoid common financial mistakes during and after the process.

Document Everything

It goes without saying that records are incredibly important when it comes to dividing up marital assets. Start with your credit and bank accounts and save copies of everything going back at least the past three years. Don’t rely on online access to these records, as your ex could change passwords and block access to these records at some point. Either print out paper copies or save PDFs somewhere safe, for future reference. And don’t forget paperwork related to any loans or other obligations, too.

Start Your Own Lines of Credit

Joint credit cards should be the first thing you freeze when divorce proceedings begin. While you may not want to close the account outright (it could adversely impact your credit), you definitely want to open at least one account in your own name for post-divorce use. This will help keep you in control of your credit score, especially when the joint accounts are closed later on.

Going through a divorce can lead to financial uncertainty and concern. Visit our website to learn how a Divorce Transitional Support Advisor can help you or your client regain financial stability after a divorce.