- By Emma Andrews
- Posted January 28, 2021
How to Protect Your Finances During a Divorce
There’s very little, if anything, easy about getting divorced. It can take an enormous mental and emotional toll on everyone it impacts, from you and your spouse to your extended family. Aside from working out how to best make sure any children are taken care of, one of the biggest concerns about divorce is how it will impact you financially and what you can do to protect yourself.
Account for Your Assets
One of the first things you should do to protect your finances during a divorce is to account for all of your assets. Start by determining what was yours before the marriage and what things were obtained afterward. As much as you can, identify which assets are in your name and which are in your spouse’s. If you have a joint account with your spouse, monitor it closely so you aren’t taken by surprise if it’s emptied. You may find it beneficial to withdraw some money (but not all of it) for yourself just in case your spouse drains it. While the hope is that all parties involved will behave themselves as befitting an adult, that doesn’t always happen.
Seek Legal Counsel
Divorce requires a competent attorney to navigate. The laws governing divorce vary from state to state and can be tough to navigate on your own. One of the better things you can do for yourself and your finances if you find yourself facing a divorce is to hire experienced legal counsel. They should be familiar with the laws related to your case and what can be done to help you retain as much of your assets as possible.
Collect Copies of Financial Statements and Documents
One of the things you should be directed to do is to get copies of all financial statements and documents. There is rarely such a thing as being overprepared. The more thorough your documentation is, the better of a case your lawyer will be able to present. Digital copies may do in most circumstances, but it’s best to have physical copies just to be safe.
Divorce doesn’t come cheap even when everything goes smoothly, so it’s important to take steps to protect your finances. Making an account of your assets, seeking legal counsel, and collecting copies of all financial statements and documents can help you get started. Do yourself a solid and make sure you protect yourself as much as possible during this challenging time of your life.
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