Keep an eye on your finances during the divorce process

|December 28, 2020 | Property Division

Divorce is never easy, but it is a time where it is important to keep an eye on your finances. This may not be the first thing you think about when your marriage is crumbling, but it is a move that can help you as you work through the divorce process.

Keep an eye on your credit score

First, keep an eye on joint accounts and monitor your credit. Some spouses will try to spend unnecessarily prior to divorce by opening credit accounts to purchase big-ticket items, and if you are still married, your name may be on that loan. Monitoring your credit score can prevent surprises. In addition, you may want to close credit accounts of yours that your spouse has access to, again, to prevent surprises.

Assess your assets

Second, assess your assets. It is important to know what you are worth and what your spouse is worth. This can also help you identify joint assets. If you have a joint savings accounts or investment accounts, you can ask your bank to require both you and your spouse to sign for withdrawals. Of course, this may not be necessary for bank accounts used to pay for household expenses.

Keep things civil

Third, try to be civil. If couples can work together well enough to work through their divorce issues, it could be easier for all involved. This can be especially important if you and your spouse have children.

Divorce is an emotional time, but it is also a time to keep a level heard, especially when it comes to finances. It is important to understand where you stand financially and to protect your financial interests, so that you can move forward with your post-divorce life on strong footing.

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