When contemplating a divorce, the primary considerations for spouses are the welfare of their children and safeguarding their financial well-being.
Divorce can become a contentious and emotional process, so if you are considering ending your marriage, it’s essential that you take steps well in advance to protect your money.
Ways you can secure a better financial future
There are several actions you can take on your own to protect yourself financially before filing for a divorce, including:
- Open your own bank accounts: Inform your spouse that you are setting up your own accounts and let them know how much you are depositing so you aren’t accused of hiding funds later.
- Close joint accounts: If possible, pay off all loan and credit card balances that you hold together or put accounts in one spouse’s name only, which will reduce financial stress when debts are divided later.
- Avoid new debt: If you manage to pay off joint balances, cut up credit cards and save as much money as possible, so you avoid starting your new life without owing an overwhelming amount.
- Order credit reports: Check the credit status of you and your spouse, identifying any negative marks that may have been caused by your spouse, so you can take steps to repair the damage.
- Inventory all assets: Make a comprehensive list of all marital and non-marital assets and have the documentation to back it up. This will help ensure you get your fair share of all property owned by both spouses.
Take action now to protect your future
Divorce can force people into irrational and compulsive decisions that could have harmful effects for years to come. But you can overcome a feeling of hopelessness by taking these actions to protect yourself.
An experienced and compassionate family law attorney here in Virginia can help you take control of your future, by aggressively pursuing your best interests and working for a favorable settlement or representing you in court if necessary.