Financial Preparation for a Divorce

A divorce can leave one or both parties financially stressed, especially if the decision comes as a surprise or if the divorce process goes on for a long time. For this reason, if you believe that a divorce is in your near future, it is important to secure yourself financially as much as possible. This can feel like a large undertaking, especially when the future might seem uncertain. One way to look at this is to create financial security for yourself individually while separating yourself financially from your spouse.

Here are several key steps you can take to help financially prepare yourself for a divorce.

• Close joint credit cards. Now is the time to start separating your spending from your spouse’s. Although it is strongly advised not to engage in excessive spending during a divorce, it is not unusual for one spouse to spend money recklessly or out of anger. If your spouse takes actions like this on a shared credit card, your financial health can be at risk. Protect yourself by closing joint cards and opening a card for yourself.

• Open a separate banking account. Just as a spouse might end up spending a lot of money on a credit card out of spite, there is also a large risk that they will spend your joint savings. For this reason, it is advisable to open your own bank account where you can have control over your money. You will also be able to track your spending this way as well.
• Minimize your monthly spending. One of the most simple ways to financially prepare for the event of a divorce is to start reducing the amount of money you spend each month. This is good preparation for two reasons. First of all, it will allow you to potentially save a bit of money. Second, when you are living on a single income in the future, you will have a better handle on minimizing spending and living within a reduced budget.
• Protect your data. Protecting yourself financially isn’t just about separating bank accounts and saving money. It’s also about protecting your financial data. This means changing passwords on your accounts, limiting your exposure on social media, and making sure that your spouse is unable to access any of your financial accounts. This is especially important because you will want to maintain a positive credit record during this time and after.

To learn more about how to start the process of creating a financially secure picture for yourself in the event of a divorce, it is advisable to speak with a Cedar Park divorce attorney.

Contact a Cedar Park Divorce Lawyer Right Away

If you are considering a divorce, or believe that your spouse might be, it is a good idea to speak with an attorney to learn how to best prepare for this situation. A divorce can be expensive, especially if either party involved is not willing to come to an agreement on any number of different issues. To learn more, contact The Jackson Law Firm. We are dedicated to providing our clients with the best possible service to work through a potentially challenging situation. Call us today at (512) 528-1900 to set up a time for a free initial consultation.