Protecting Your Finances During Divorce

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 & Hammond. 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.