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Steps to take if you are concerned about money in your divorce

| Sep 14, 2020 | Uncategorized

You may have spent most your marriage staying at home to care for the family, but not every marriage is meant to last, and you may now be facing the prospect of divorce. You may wonder how you will take care of yourself financially or even if you can afford getting a divorce. The following are some financial tips for those who are going through a divorce.

Gather all your paperwork

First, in preparation for the property division process, gather your financial documents including bank statements, tax returns, investment statements, deeds and a list of all assets you and your spouse own, at least to the extent you know them. This can help with property division negotiations and a thorough investigation can uncover assets your estranged spouse may be trying to hide.

Apply for your own credit card and bank account

Second, apply for a credit card in your name only. While you do not want to rack up more debt than you can pay, a credit card can help bridge the financial gap between divorce and receiving alimony or obtaining a job. You can apply for your own checking account too, to keep your funds separate from your ex’s. After a divorce, changing the name on applicable accounts that you retained is also important.

Watch where the money goes

Third, during the divorce process monitor your spending and your spouse’s spending and document how marital funds are being used. This can give you a sense of what your expenses will be post-divorce and it can prevent irresponsible spending. Saving as much money as possible during this time is also a good idea.

Professionals can give more information on finances in a divorce

These are only some tips that those who are going through a divorce and are worried about money may find useful. Keep in mind that this post does not contain legal advice and should not form the basis of any legal filing. Those with concerns about money and divorce are encouraged to seek the advice of a professional.