If you are currently preparing for a divorce, it is important to remember
that divorce can be costly. If you take the proper precautions, you may
be able to avoid some of the costly repercussions of divorce. One of the
best ways to avoid financial downfall in divorce is to separate all accounts
as soon as possible. Close joint bank accounts and creditors as well as
any other lines of credit. If you don't, you may be stuck paying for
your spouse's debt once the divorce is finalized.
Establish your own accounts and creditors as soon as possible, so that
you can keep control of your credit without worrying that your ex-spouse's
credit will affect yours. You may also want to take care to monitor your
credit, as your spouse may have your social security information and be
able to open up accounts in your name. You will want to be vigilant to
check and make sure that all credit accounts are yours and ones that you opened.
If your spouse always did the finances at your home, then you will certainly
want to learn how to manage your own accounts for the future. You may
want to sit down with your spouse if you are amicable and discuss the
different accounts that you have. You may also want to get a big picture
view of your finances and determine how they will be divided as a part
of the divorce.
Look at any life insurance policies and retirement accounts that you opened
long ago. If you want more information about protecting finances during
a divorce, don't hesitate to talk with a comprehensive Los Angeles
divorce attorney at Claery & Green. Our team of attorneys will do
what we can to help you protect your finances while you seek freedom from
a difficult marriage. Call today to learn more.