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How to protect your finances in a divorce

On Behalf of | Mar 20, 2024 | High-Asset Divorce |

Divorce can feel like navigating a stormy sea. This is especially true when it comes to wealth protection. Ensuring assets remain intact requires careful planning and smart strategies.

Thankfully, you can create a protective bulwark against the economic difficulties that often result from ending a marriage.

Review your situation

The first step in protecting your money is to take a good, hard look at your current financial status. Gather all related documents, including bank statements, investment accounts, debts and assets in one place. Then, read these reports with a fine-toothed comb. Examining this raft of data should give a renewed perspective that facilitates informed decisions.

Create a budget

Divorce leads to significant changes in financial outlook. Designing a budget is therefore necessary. Start by listing income sources and monthly expenses. Remember to include potential costs that may arise post-divorce, such as those from moving. This will help avoid financial strain and ensure enough funds are available to cover living expenses.

Divide finances

Once the decision to divorce is official, begin separating monies. Open an individual bank account and transfer your funds over. Segregating finances reduces complications and helps both parties manage their riches independently.

Monitor your credit

Your credit score can significantly impact your life, so give it extra attention. Regularly check your credit report for unusual activity or inaccuracies. If you notice unauthorized debts or errors, inform the rating agencies immediately so they can issue a correction.

Plan for the future

Consider long-term financial goals and how you can achieve them. This might involve adjusting your savings targets, investing in your education for better job opportunities or revising your retirement objectives. Thinking ahead ensures you do not just survive post-divorce but thrive.

Divorce brings many challenges, including financial hurdles. The good news is you can set yourself up for an after-marriage experience that exceeds anything you or your former spouse are likely to imagine.