Protecting Your Finances When Getting Divorced
If you had just received divorce papers, you are most likely experiencing an abundance of emotions. Even if the paperwork did not come as a shock, there is bound to be some uncertainty about your future. It is extremely important to consider your financial situation in preparation for the days ahead. When a couple divorces, it is likely there will be some disagreements regarding assets and money. Here are some steps you can take to protect your finances during this time.
Make It A Priority To Know Banking Information
If your spouse did most of the banking and bill-paying, you may be unaware as to how much money you jointly own. Do the research needed to track down bank account numbers and get statements verifying the amounts available in each. Keep track of the balances in these accounts as your soon to be ex-spouse may try withdrawing money. If this happens, open your own account and withdraw the same amount as your spouse. This way, if the amounts are questioned in a court of law when
After you receive the divorce paperwork, make it a priority to take photographs of any items in your possession that holds value. Make sure to take pictures of serial and model numbers on electronics and identification markings on clothing, jewelry and furniture. Take this information
Make Sure Your Credit Is Favorable
If you do not have a credit card of your own, apply for one before your divorce proceedings begin. It is important to establish credit in case you need to take out a loan later on. If you do have credit already, obtain documentation about your credit score and work on repairing any points against you. Crunch