3 Tips That Will Help Protect Your Finances In a Divorce

protect your finances in a divorce
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Divorce is distressing for all the parties involved. No matter the circumstance, some form of upheaval is unavoidable. Now, the last thing that you need to deal with during this difficult period of your life is the financial repercussions of divorce.

Some of you may think that this is inevitable. And while there is some truth to that, there are things you can do to best protect your finances when you’re going through a divorce.

The best way to approach this is to take a proactive approach towards protecting your finances. To help you out with this, we’ve prepared three key tips that will help you keep your finances intact throughout this entire process. Hopefully, this article proves to be useful when it comes to helping you out during this tough time in your life.

1

Prepare Key Documents

One of the best things you can do for your personal finances is to gather documents that list and verify your assets, liabilities, income, and expenses.

Having documentation that states that your finances are in your possession when you first consult with a divorce attorney will help you secure your marital assets. To add to this, it will also help make the entire process run more smoothly. This will effectively save you both time and money, as it will aid in streamlining the divorce.

Taking a more proactive approach when it comes to preparing these documents will also help because it prevents you from being reliant on your spouse to provide the necessary documents and information.

2

Build Cash Reserves

Divorce proceedings will take time no matter how much you prepare. This means that you will need to pay legal fees and other payments associated with this process. Due to all these costs, it’s in your best interest to build cash reserves that will help you pay for all the costs attached to divorce.

We recommend building a cash reserve that amounts to a year’s worth of basic living expenses in a personal account prior to filing for divorce. You’ll want to do this before you file for divorce as your spouse may be alerted if you open your own account once the divorce proceedings have been set into motion.

3

Sever Credit Ties

If you have any shared credit cards with your spouse, it’s in your best interest to sever these credit ties. In case your spouse is an authorized user of one of your cards, it would be best to ask your issuer to remove the second user as you will be held accountable for any debt they incur during the span of the divorce proceedings.

For cards wherein your spouse is a joint user, we suggest requesting a freeze on that account. It would be best to do this at the very last possible moment before filing for divorce, as it may raise suspicion if your spouse discovers that their credit card is no longer working.

For more help on how to protect your finances in a divorce in Shreveport, contact The Law Office of Christopher M. Stahl today.

Conclusion

As you can see, you don’t have to take a passive approach when it comes to protecting your finances during a divorce. By utilizing our tips, you’ll put yourself in the best position to retain the integrity of your finances. While this may seem like a lot of work, it will be well worth it in the end as you’ll want to do everything you can to best safeguard your interests.

If you’re looking for the best divorce lawyer in Shreveport, LA, then you’ve come to the right place. The Law Office of Christopher M. Stahl offers law services covering family law, criminal defense, personal injury, and more. If you are looking for the best divorce lawyer in Louisiana, request a consultation with us today!

Contact us by filling out the form below.

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