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What do you know about protecting your finances in divorce?

On Behalf of | Oct 20, 2021 | Divorce

Just as you united finances with your current spouse when you married, you must now divide them for your divorce. Do you know how to protect yourself and your financial health during your legal case?

Business Insider offers tips for making the right financial moves during a divorce. Understand how to set yourself up for financial success in the next chapter of your life.

Inventory assets

Note all your assets, both shared and separate. Then identify assets that belong to you and those your soon-to-be-former spouse owns.

Copy financial documents

While inventorying assets, print out relevant financial documents. Statements provide proof of your assets, which the court considers essential. Rather than electronic documents, print everything out. That way, if your current partner locks you out of your online accounts, you still have the information you need. Examples of vital financial statements to gather include brokerage firm statements, tax forms and bank account statements.

Gather a team

Other than legal help, consider securing financial assistance, too. Financial advisors help parties going through a divorce to make sound financial decisions. For instance, no matter if you pay or receive spousal support, a financial professional helps you decide if it makes more sense to offer or request an asset instead. Financial advisors also help you understand your financial outlook after finalizing your divorce.

Open an account in your name

If you and your spouse have a joint bank account, open one in your name only. While you may move assets from the joint account to your personal account, proceed carefully. You cannot wipe out the joint account, and it makes sense to let your spouse know when you want to move money.

You deserve financial peace of mind after dissolving your marriage. Knowing how to navigate divorce’s financial waters helps you land on solid ground.

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