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6 critical steps to prepare your finances for divorce
The process of getting a divorce often leaves both parties wounded. However, there are a few things you can do right now to ensure that you are financially protected.
1. Gather your financial records
The first thing you should do is to collect all of your financial records. Ideally, you will have five years’ worth of documents, including tax returns, payroll stubs, benefits information, bank statements, investment accounts and property information.
It would be wise to make copies of everything and keep them outside of the house — either in a private safe-deposit box or at the home of a trusted friend or family member. Having evidence of all of your financials will help speed up discussions during the divorce, and it will safeguard you in case something goes missing.
2. Inventory your assets
While you are gathering your financial records, begin an inventory of all of your assets. Separate property usually includes anything you owned before the marriage, any gifts given solely to you, or inheritances. Anything acquired during the marriage is usually considered marital property.
Take digital, date-stamped photos of your valuables such as jewelry, antiques and collectibles. This might seem extreme now, but it is not uncommon for things to go missing once the process starts.
3. Monitor your credit report
To emerge from the divorce as fiscally unscathed as possible, you need to be fully aware of your current financial situation. To paint the clearest picture, obtain a copy of your credit report, paying close attention to any outstanding debts.
If there is anything that does not add up, you will want to ask your attorney for assistance before you ask your spouse for full disclosure of records. Additionally, it is wise to monitor your credit report throughout the divorce process to avoid any surprises later on.
4. Open individual accounts
As soon as you know a divorce is inevitable, open individual accounts for yourself. To ensure confidentiality, consider using a bank other than the one you and your spouse are currently using. Open a checking account, savings account and credit card in your name only. Use that credit card in ways that will build or strengthen your personal credit history.
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For more information regarding divorce, we recommend that you contact us at the Law Office of Alice Pare at 301-515-1190 or visit our website at: https://www.alicelaw.com
Do not at any time take the risky move of going at it alone. We have a wide choice when it comes to going it alone but with the professional advice, you will need.