You and your spouse have a home, cars and other assets. Your spouse makes more money than you, and your spouse has been the major supporter of the household for several years. It’s understandable that you are worried about your financial future as you face the process of divorce.
Knowing what to do about your finances is half the battle. There are steps you can take now that will protect your financial future. If you are facing a divorce and are wondering what to do about your financial situation, read on. We have tips that will help you prevent a lot of headaches.
1. The Marital Assets
One of the biggest considerations you and your spouse will have as you move through the divorce process is the dividing of marital assets. You will need to compile a list of exactly what you have, how much it is worth and how you plan on splitting it all. If you cannot decide on an equitable split, your attorneys can help. The important thing at the beginning is knowing what you have.
2. Understand Your Credit
Before you take another step in your divorce, take the time to learn about your credit as it stands right now. If there are mistakes in your file or if your credit standing is poor, you may find it difficult to borrow money in the future. Dispute anything you need to and start repairing your credit as soon as possible.
3. Establish Credit
The next step in repairing your credit is to establish some of your own. You will want your credit report to reflect information that you alone possess. Open a credit card in your own name or take out a small personal loan. The goal is to open an account and make timely payments in order to begin establishing a credit report that reflects your financial habits alone.
4. Bank Account
If you and your spouse have joint bank accounts, you will want to open your own. Have a paycheck deposited into your account, take your name off any joint accounts, and take half of the money held in those accounts. Before you remove any money from jointly held accounts, speak to your attorney. Technically, half of the money is yours, but you do not want to cause yourself any problems.
5. Insurance Coverage
Now is the time to consider your insurance policies. You will want policies that reflect your new single status. Take your name off of any joint policies or, if keeping those policies, have your spouse’s name removed. If you have life insurance, you may want to change the beneficiary if your spouse is the person named currently. As always, it is important to speak with your attorney prior to any changes being made in order to avoid taking any actions that may violate a court order.
If you need help with a divorce in Orlando, our team is here for you. Give us a call today and schedule an appointment for a free case evaluation. We will discuss your case with you and assist you in any way we can. We are here to ensure that your divorce is equitable and fair, and we will fight to get you everything you deserve.