4 Things Every Person Should Know About Protecting Themselves Financially During A Divorce

It is no secret that going through a divorce can be financially difficult. Many people walk away from a divorce in a worse financial position than they were when they were married. It is important to know that you can protect your finances during a divorce, but you will need to take some steps before the divorce starts to protect yourself. Here are some things that you should be doing.

1. Close Any Joint Credit Accounts You Have

When talking to a financial advisor they will tell you to avoid closing credit accounts. It can actually hurt your credit to do so because history plays a large role in your credit score, however, divorces are the exception. You should never leave an account open that has both of your names on it. Your spouse can take your joint credit cards and max them out, not only making your responsible for the bill, but can severely damage your credit. Even before you start the legal process for a divorce, start closing those accounts and get cards in your name only that your spouse cannot use.

2. Get Your Own Mailbox That Your Spouse Doesn't Know About

You can go to the post office and get your own mailbox that is only for you. You should not have your financial or legal records mailed to your house that you share with your spouse. You will have a lot of sensitive information during the divorce, and in order to protect yourself you need to keep it as private as possible. You should get this done well before the divorce starts.

3. Change Your Estate Planning Documents

Divorces can take a long time. There is no saying what can happen during that time, and it is not unheard of to have an accident or some sort of tragedy happen during the divorce. You need to make sure that your estranged spouse doesn't have access to all of your estate and isn't your power of attorney during or after the divorce. You should start changing those documents as quickly as possible.

4. Freeze All Joint Accounts

Lastly, you should start freezing all joint accounts that you both have. Retirement, checking and saving accounts are some of the most common ones. Your spouse could go in and drain all of the accounts so long as their name is on it to. So if you can't change the account, freeze it until you can determine who gets what.

By doing these things you will protect your finances. Talk to one of the skilled divorce attorneys in your area for more information.