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 financial distribution is being awarded, you will not look unfavorable by taking out larger amounts, but instead will appear as if you took what you felt was fair, possibly allowing you to retain the money as a result.

Take Photographs And Gather Appraisals For Assets

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 to an appraisal company to get paperwork showing the proposed value of the items. If you have receipts, hold on to them. This information will be handy if your spouse decides to sell items for profit for themselves. You will be able to pull out the paperwork you have available in an attempt to get reimbursed for your fair share.

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 numbers to figure out the amount you will need to make timely payments and consider calling credit card companies to see if you can reduce finance charges if possible. Pay off as much as possible on unpaid amounts as well. To find out more, speak with someone like McKissick & McKissick.