Protect your finances during a divorce

April 05, 2014 (Press-News.org) Protect your finances during a divorce

Article provided by The Law Office of David T. Schlendorf
Visit us at http://www.dtslawfirm.com

Nearly everything about a divorce is costly. That is because everything -- from child support, to spousal support and property division -- are financial issues. As you begin to separate yourself from your partner, the money problems really start to add up, and this can be very difficult. The good news is that while you endure the emotional stresses of a divorce, a legal professional can help you navigate the financial issues, too. With a little bit of assistance, you can be back on track in no time.

Become financially independent

There are few ways to help facilitate the financial battle experienced during a divorce. For example, it helps to financially separate yourself right away. As soon as divorce is on your radar, close joint credit cards, accounts and other lines of credit. This will prevent little surprises during the separation period. Ultimately, you do not want to be responsible for debts that were acquired after the decision to end your marriage but before the divorce is final.

Moreover, if you establish accounts and credit cards in your own name, this will help you manage your credit. Furthermore, if you are coming out of an untrusting marriage, it may be beneficial to monitor your report. This is especially true because your former partner may have knowledge of your personal information, including your social security number and birth date. Any surprising changes in your credit score can indicate identity theft.

Learn what you do not know

Once you are independent, it will then be your responsibility to learn what you do not know about your finances. If your spouse traditionally managed the money in your relationship, you will need to uncover the status of various accounts. It may help to look over previous tax filings and personal records, which can help you determine what money exists and where it is.

Ultimately, you will want a comprehensive view of assets and debts. This will help you in the property division process. Having an understanding of finances will ensure that the division is informed and fair.

It may also help to review retirement accounts and life insurance policies, which were opened a while back. Was your spouse a beneficiary? If so, this will need to be changed. In the end, you want your financial designations to mirror what you desire in the future, after divorce.

These steps can help you gain power over your financial situation. To ensure a smooth transition into your new life, contact a family law professional. A lawyer has experience dealing with financial matters related to the dissolution process.