If you recently decided to divorce your spouse and embark on the family law process of dissolving your marriage, you may be worried about how this decision will impact the state of your finances. While learning how to operate your household on one income instead of two may be difficult, there are several things you can do during the family law process to protect your best financial interests.
Assess Your Credit
Without good credit, it can be difficult to obtain a loan for any purpose or even to manage your expenses. After you decide to end your marriage, get a copy of your credit report from the three major credit-reporting agencies, TransUnion, Equifax, and Experian. Then, thoroughly review each report you collected for inaccuracies, and dispute these mistakes with your lenders.
Having proper documentation available early on in the family law divorce process will prevent the time and expense of trying to obtain copies later. Make copies of your prior tax returns, brokerage and bank account statements, and mortgage documents, and then store these copies with a trusted friend or family member.
Open Up New Accounts
Once you are officially single, you will need bank and credit card accounts specifically in your name. Remember that you can do this as soon as you are able to, even if you just started the divorce process.
In addition to these tips, working with an attorney is one of the best ways to safeguard your financial interests during the divorce process. At Northpointe Law Group, we can help you with this process and ultimately work to make sure that your finances are protected now and in the future.