Protecting your financial assets during a divorce must be a priority if you and your spouse are contemplating a divorce. Indeed, this is one issue that you can begin protecting long before you prepare the divorce paperwork. If you suspect your partner might be hiding money or think that the entire divorce process is likely to be a riddle with conflict, consult with a Sugar Land divorce lawyer. He or she can help you take the right precautions to successfully protect your money before you file for divorce.
The moment you realize your partner is considering a divorce, take the following steps to protect your financial assets.
Close joint credit accounts
It is essential to pay and close the joint credit accounts that you and your partner have been using. If you cannot pay these accounts on your own, consult with the creditors to find out the specific steps, you must take to get your name removed from those accounts.
Remember, all debts will be split between you and your spouse during divorce settlement negotiations or court proceedings. Having fewer debts during this period means less financial and emotional challenges.
Open a personal banking account
If you have never opened a financial account in your own name, consider opening both savings and checking accounts. Let your spouse know that you’re opening these accounts and the specific amount of money you intend to deposit in these accounts.
The primary purpose of telling your spouse about these accounts is to avoid being accused of trying to hide marital financial resources. Remember, the moment the divorce process starts, you will need enough money to cover court fees, lawyer fees, and getting a new residence. Indeed, you should never file for divorce unless you have enough money to take care of the related expenses.
Don’t borrow financial resources
It is recommended to save enough cash before you file for divorce. Keep in mind that running up charges on your credit cards is not saving money. The moment you get your name removed from a credit card, cut it up.
Be wise and save enough money to finance your issues during and after the divorce. The last thing you want is to start a new life with too much debt.
Do proper documentation before filing
Focus on getting sufficient evidence of all valuables and sources of income before you file for divorce. Record professional video clips and take photographs of the marital assets before you file for divorce. For example, take a picture of that expensive Godfather clock you bought during your last holiday. The thing is; document everything no matter how minor it might be.
Divorce is among the most complicated events in one’s life. It is both emotionally and financially challenging. If you have been contemplating divorce or you suspect your spouse might file for divorce, take the right steps to protect your financial resources.