Keeping Your Children Happy During A Divorce

Financial Tips To Protect Your Interests During A Divorce

If you have determined that it is time to divorce your spouse, then you need to take your future financial life into consideration before you leave your marital home. If you do not take the proper paperwork with you and do not take other steps to preserve your good credit rating, then you will quickly find that your financial life is stressing you out.

To be proactive and avoid unnecessary financial problems post-divorce, follow these tips to protect yourself:

Tip: Copy All of Your Joint Financial Documents and Secure them in a Safety Deposit Box

Before you leave your marital home, you should copy all of your joint financial documents and place them into a safety deposit box at your bank. You must take copies of:

  • your state and federal income tax returns

  • your home ownership documents

  • your retirement accounts

  • your investment accounts

  • your bank accounts

In addition, you also need to take copies of each of your monthly bills. If there are utilities in your name, then your spouse will need to change the accounts over to their own name when you move out. If this doesn't happen in a timely manner, you will need the account information on your past statement to contact them and remove your own personal liability.

Tip: Get a Free Copy of Your Credit Report

Since you can get a free copy of your credit report once each year, you should take advantage of this and pull a copy of your credit report. Examine the report and if there are any errors, then you should follow the credit reporting agency's policy to have them removed. This is very important because you will need a good credit rating to rent an apartment and get a job, so cleaning up your credit report will raise your score.

Tip: Open New Savings and Checking Accounts

Since it is important to keep your financial live separate from your spouse once you leave, you must have new savings and checking accounts to deposit your money into. Since your life will be a bit more hectic when you leave, you should set these accounts up ahead of time if at all possible.

Tip: Purchase Disability Insurance if Your Don't Have it Through Work

Finally, since you will only have your own income to live on once you have left your marital home, you should purchase an inexpensive disability insurance policy. This policy will cover you in case you become disabled and cannot work. This is vital when you rely solely on your own income.

In addition to these things, talk with a divorce attorney for more advice.

About Me

Keeping Your Children Happy During A Divorce

When it comes to divorce, one of the most challenging aspect is dealing with your children's feelings. They can feel abandoned, depressed, or guilty about the situation, which can affect their schoolwork or social life. Fortunately, divorce doesn't have to destroy your kid's well-being. When I went through my own divorce, I learned some very important skills that helped me to keep my kids content during the proceedings. This blog is all about focusing on your children and knowing how to protect them from a potentially contentious environment. Read more on this website, and feel free to share these articles with others.

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