If you’ve decided it’s time to divorce your spouse, it’s natural to feel overwhelmed. Aside from the emotional fallout that results from examining the factors that may have led to your divorce, there are a number of matters you’ll want to address to ensure your financial welfare moving forward. Here are some key considerations:
Close shared accounts
If you have one or more joint checking or credit card accounts, it would be wise to close these accounts out as soon as possible. If these accounts remain open, an angry soon-to-be ex-spouse could easily choose to take revenge and make large purchases on the accounts, racking up debt prior to your divorce being finalized. It’s important, therefore, to close joint accounts and open new accounts solely in your name.
Monitor your credit
Even when joint accounts have been closed, an angry spouse may still be able to take steps to hurt you financially. Your spouse likely has access to your personally identifying information, such as your Social Security Number and your birthdate. They could use this to open new accounts in your name and ruin your credit score. While this may seem extreme and unlikely, it’s still a good idea to request regular credit reports and keep an eye out for suspicious activity.
Get negotiation support
When going through the divorce settlement process, it’s important that you negotiate terms that provide for your financial security both now and in the future. Along with the division of physical assets like your house or real estate, assets held in retirement and investment accounts must also be taken into consideration. It can be valuable to work with an experienced family law attorney in this process, to help you negotiate the best possible settlement for your situation.
Going through a divorce can be overwhelming. During periods of intense emotional upheaval, making critical life decisions alone can be risky. It can be easy to overlook key factors or agree to terms that don’t actually serve you. A divorce attorney can provide advice and guidance throughout the divorce settlement process and advocate for your best interests.