Tips to Protect Your Money During a Divorce

Divorce LawyersThere are nearly 876,000 divorces in the United States each year. Going through a divorce can be a very traumatic and stressful experience. The main thing you should focus on when confronted with the end of your marriage is to reach out to a lawyer for help. A divorce lawyer can do things like inform you of your rights and help you to make a plan for this difficult process. One of the main concerns you should have when going through a divorce is protecting your money. The last thing you want is to let your former spouse take money that is rightfully yours. The following are some of the things you can do to protect your money during a divorce.

Opening Bank Accounts in Your Name is Essential When Going Through a Divorce

The first thing you need to think about doing when trying to protect your money during a divorce is to open a bank account in your name. In some cases, nonworking spouses will need to start their own bank accounts to establish a credit history. Most lawyers will advise clients going through a divorce to freeze or close any joint bank accounts they have with their spouse. Leaving these accounts open can leave you vulnerable to having your money taken by your spouse. You will also need to change joint insurance policies to policies with just your name on them. The more things you can get out of both of your names and into your name, the better off you will be during a divorce.

Inventory Your Assets and Debts Before Starting Divorce Proceedings

Getting assistance from your attorney is a great way to get a full disclosure of all of the joint and individual accounts you have. With this disclosure, you can clearly see where the money you and your former spouse have and where it is going each month. You will need to make copies of any joint loan paperwork to ensure it is entered in as evidence. Be sure to speak with your attorney about helping you figure out what non-marital assets are present as well. These type of assets will belong solely to either you or your spouse and will not be divvied up during the divorce.

Sorting Out Rent or Mortgage Payments is Essential During a Divorce

Your landlord or mortgage company expect monthly payments to be made regardless of what is going on in your personal life. If you are like most people, you may want to move out of the home you and your spouse share immediately after divorce paperwork is filed. While this is understandable, it could lead to your claim to this home being compromised. Trying to reach an agreement with your former spouse regarding who will keep the home and how the payments will be made is important. Failing to work out these important details can lead to a variety of problems in the future.

Change Your Will After Your Divorce is Finalized

If you are like most people, your former spouse was probably the beneficiary of your will. Once your divorce is finalized, you need to work on getting your will updated. With the help of a lawyer, you should be able to make these changes with ease.

If you need help with your divorce, contact our team of lawyers at Hardesty, Tyde, Green & Ashton, PA by calling 904-249-9030.

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