In today's society, divorce is a fact of life for a whole lot of people. If you come upon a time when it appears that your marriage is about to be over, it is very important that you learn some important financial tips that will protect you during the divorce process and beyond. Use these tips to your advantage, so that you are able to keep what is yours and safeguard your finances once the marriage is over.
#1: Close Out All Accounts That You Have Together ASAP
Though divorce consists of a long list of to-do's, you need to put canceling your joint accounts at the very top of that list. The reason for this is that the longer you keep the accounts open, the harder it is to distinguish between whose money is whose. For instance, some spouses have been known to rack up spiteful charges on joint accounts once the relationship is on the outs. By closing these accounts and separating your finances as early as possible, the rest of the divorce process will run smoothly, as your attorneys sort out your assets and liabilities.
#2: Get The Records That You Need And Make Multiple Copies
To further aid you in separating your finances, you will need to pull a copy of your credit report. This will let you know about all open accounts in your name and can further help you navigate in splitting your financial lives. Keep these records handy, in addition to records like property deeds, investment proceeds, medical records and more. Taking advantage of your technology by backing up multiple digital files, on hard drives and the cloud, so that there is no way you lose this information. Be sure that you give your attorney copies of everything as well, for further security and safekeeping.
#3: Take Better Care Of Your Health
The day you find out you are divorcing would be the best time to also join a gym or start a physical activity. The reason for this is that you are in for a long, possibly tumultuous time, which can wear on your health if you let it. Exhaustion and poor health can also rack up serious medical bills, which are a huge financial setback in the midst of a divorce.
Use these three tips to your advantage, as you develop a plan for divorce and hire a divorce attorney who can look out for you. For more information, contact Wise Scheible Barkauskas or a similar firm.