Getting a divorce is a stressful event. Not only are you ending a personal relationship with a partner you likely thought you loved, you are also ending a financial partnership with a partner you may have planned on growing old with. There are ways to protect your finances.
Although both sides of the relationship are difficult to end, it is important to be wise when ending the financial side of things. Each partner may have different ideas about how the assets from the marriage should be split. Steps you can take to help better ensure that your finances are protected.
What can I do to protect my finances during divorce?
These three steps can help you to better protect your finances during the divorce:
- Know what you have. Put together a folder with information about all the assets and debts accumulated during the marriage. Information about real estate, mortgages, portfolio plans, artwork, business interests, everything. Including information about the location of the asset and the balance or estimated worth.
- Watch your credit. It is often wise for those going through a divorce to review their credit. Review your credit report for credit cards taken out in your name or debts that you are unaware of. If you find anything concerning, inform your attorney.
- Protect yourself. Open your own accounts, take out credit cards in your own name. Begin building your individual credit score.
These are just a few of the things you can do to protect yourself. Taking these steps can help to better ensure there are no surprises during the property division determination portion of the divorce proceeding.