3 Steps to Protect Your Finances During a Divorce
In a recent survey, nearly 65 percent of Americans told CreditCards.com they lose sleep worrying about financial concerns.
Everyday financial stresses weigh us down and those worries are bound to be compounded by a divorce. Fortunately, there are a number of ways to prepare yourself and your finances for divorce to minimize uncertainty and help you sleep easier.
Follow these three easy steps:
- First, it is critical to have a good understanding of your finances. Compile a list of your individual income and expenses along with a list of joint assets and liabilities. Once you’ve created these lists, gather any supporting documentation you can, including the most recent account statements and tax returns. Familiarizing yourself with your finances will help to safeguard you when it comes time to divide the marital estate.
- Next, you should enroll in a credit monitoring program, or routinely check your credit score to ensure any joint debts are continuing to be paid and have not become delinquent. It’s not unusual for a spouse to refuse to continue making payments toward a shared account, without realizing the negative impact this has on both spouses’ respective financial positions. It’s important to closely monitor your credit score, especially if you anticipate the need for further credit upon divorce.
- Lastly, it is wise to meet with a financial planner. A certified financial planner can help you develop a strategy for moving toward a post-separation, single-income lifestyle.
Dealing with the financial implications of divorce isn’t easy, yet it provides a new opportunity for you to move toward financial independence. An experienced family law attorney at Pollock Begg Komar Glasser & Vertz LLC can help guide you toward a healthy, financially stable future. Contact us today to discuss your particular financial situation.
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