What financial moves should you make before filing a divorce?

On Behalf of | Oct 28, 2021 | Family Law

You have yet to tell your spouse, but you feel the two of you should divorce. Protecting your financial health takes precedence right now, but you do not know what to focus on.

U.S. News & World Report breaks down financial steps to take before dissolving a marriage. Ensure you prepare your financial house for life after a marital split.

Organize your finances

Make a list of all your assets, accounts, expenses and income sources. You want the full lay of your financial land, so you save time in the months ahead. Add accounts you share with your spouse, as you may want to get a head start on the asset division phase of divorce. Know which accounts and assets you may draw from during legal proceedings.

Get a credit card

If you do not have one already, secure a credit card in your name. Depending on how your divorce goes, you could have trouble securing credit after finalizing your divorce settlement. You may need a bit of financial help to cover the cost of divorce and post-divorce expenses.

Consider monetary commitments

Are you and your current spouse in the middle of buying a house or business or another major purchase? If so, consider speaking with an experienced professional about how your financial commitments affect your divorce. Refrain from making major money moves before and during your marital split, especially if you need two incomes for the deal to go through.

Preparation serves you well for any legal matter, but that proves especially true for divorce. Being proactive paves the way to self-assurance and tranquility.