Steps to Protect Yourself Financially When Facing Divorce
If you are divorcing your spouse, protecting your finances is vital to securing a fair and equitable settlement.
Here are some constructive steps that you can take to protect your finances in a divorce:
- Assess your financial situation — Get a comprehensive understanding of your debts and assets, particularly if you were not the spouse primarily responsible for financial affairs in your marriage. Confirm what accounts exist and obtain to review any activity. Obtain a copy of your credit report and review old tax returns to determine the existence of debts and income-generating assets.
- Plan out a budget — Estimate what it will cost to live on your own. This will help you to get a better sense of the amount of income you will need on a monthly basis in order to cover expenses you might incur. Consider which of your assets may be particularly important to hold onto in order to help with these expenses. Having a clear picture of what you think your needs will be can help you to prioritize your property settlement goals in the divorce and negotiate better with your soon-to-be former spouse.
- Keep track of your spouse’s financial activity — Once you have a sense of your debts and assets and your future financial needs, make sure that your former spouse maintains the financial status quo as the divorce proceeds. Do not relinquish access to joint accounts and be careful that money is not being moved out of accounts or retirement funds. Keep a close eye on your spouse’s credit activity to make sure that new debts are not being opened in your name or the names of anyone else in your family.
An experienced divorce attorney can advise you on additional steps you can take to protect your financial future during the divorce so that you can start the next phase of your life on solid footing.
At The Law Offices of Jennifer Courtney, P.C., we frequently advise Pennsylvania clients on how to protect their property and other interests when getting divorced. And we will fight for what you need during the divorce process. To schedule a consultation at our Yardley, Pennsylvania office, call 215.493.3360 or contact us online.