Divorce is emotionally challenging — and it can also be financially devastating. If unprepared, you could find yourself struggling to make ends meet in the aftermath of your divorce.
Taking wise steps before you file your divorce petition can minimize financial hardships and help facilitate as speedy a process as possible. Here are some steps to consider.
1. Review your credit report
A study of your credit report can provide a clear picture of your current financial position. It can also help you identify joint accounts or debts to address in the divorce, allowing you to begin proceedings knowing what is at stake. Finally, a credit report review can help you track your financial health during the divorce.
2. Separate shared accounts
If possible, separate any joint accounts before initiating the divorce, but do not manipulate shared assets without your spouse’s consent. Separating these accounts can help to simplify the property division process. Creating separate accounts can reduce any disruptions in your regular financial routine.
3. Freeze your credit
Consider freezing your credit to protect yourself from potential identity theft or fraud during the divorce process. Freezing your credit will prevent new accounts from being opened in your name without your permission. You can easily unfreeze your credit when your divorce concludes and you feel more secure about economic matters.
Whether you hope for an amicable divorce or expect conflict, legal guidance can help you navigate the challenges that lie ahead. Your representative can protect your rights and guide your decision-making, resulting in a fair and just divorce settlement.