The emotions you feel when you know that your marriage is ending can be complicated and overwhelming. Money may be the last thing on your mind when you are going through something so traumatic. However, you must not delay taking steps to protect your financial interests when you are sure that your marriage is coming to an end. Here are ten steps to take when preparing for divorce.
- Talk to an Attorney
The first thing that you should do is talk to an attorney. You may feel that legal advice will not be necessary because you believe that you and your spouse can sort things out between yourselves. However, a divorce can become acrimonious once the process has begun. So, it will be better to have an impartial adviser on your side to explain your rights and obligations.
- Open a New Bank Account
If you have a joint account with your spouse, you should open a bank account in your sole name as soon as possible. Closing joint accounts may not be possible immediately because you will likely have regular payments that will still need to be met. Even so, joint accounts and joint credit cards should be closed as soon as practicably possible. Keeping joint accounts open may lead to your spouse running up debts for which you will both be liable. Continue Reading →