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4 financial steps to take before your divorce

On Behalf of | Mar 16, 2023 | Divorce

The financial implications of divorce are significant, especially if you are ill-prepared. Protecting your interests starts before you file or as soon as you suspect that your spouse is considering it.

A few proactive steps ensure that you get a fair settlement in the asset division process.

1. Gather copies of financial records

Make copies of your spouse’s most recent pay stubs as well as the latest statements for joint and individually-owned bank accounts and retirement funds. Get a copy of investment account statements and records from other assets that you or your spouse own.

2. Secure your half of the cash

Once you have the most recent bank statements to document the account balances, withdraw your half of those funds and place it into a separate account to keep the money secure. Move your direct deposits and automatic payments for your personal expenses to the new account.

3. Remove your spouse from credit card accounts

If you listed your spouse as an authorized user on your credit cards, revoke that authorization and cancel the cards. Monitor your credit report closely to address any spending concerns.

4. Work with a forensic accountant

When you feel as though something is missing from the information your spouse supplies to the court, a forensic accountant can uncover potential hidden assets on your behalf.

The more information you have before you face a divorce, the easier it is to ensure your financial security. Gather your documentation, protect your credit and establish your own separate accounts as soon as possible.