When it comes to divorce, it is vital that you take steps to protect your finances. This is especially true if your husband has been the main breadwinner. When you file for divorce, you will not get your share of the divorce settlement immediately. It could take weeks or even months to properly divide your property in Fort Collins, which means that you need to make some preparations to ensure you have the money you need take care of yourself while the divorce is pending.
By making certain preparations, you can protect your finances and come out the other side of your divorce ready to start your new life. The following tips can help you take the necessary steps to get ready.
Gather up all financial records
Your financial records are going to be the foundation of your divorce settlement. This is why it is important that you gather as much documentation as you can. For instance, get copies of your bank statements, credit card statements, tax returns and documentation that relates to your mortgage, retirement and investment accounts and any other financial records. Once you have gathered all of these documents, put them in a safe place, like a safe deposit box, so that you are the only person who can access them.
Fund your divorce
As soon as you have made the decision to divorce, you need to start putting away money to fund it. This means you should open your own bank account and put aside enough money for you to live on, pay your attorney and take care of other divorce-related expenses. In many scenarios, one spouse will try to punish the other by cutting off access to money. By setting aside funds, you can protect yourself from possible retaliation from your husband.
Open separate accounts
In addition to opening your own separate bank account, you need to apply for at least one credit card solely in your name. Once your divorce is final, you will need your own financial identity separate from your husband’s. By doing this as soon as possible, you will be ready when the time comes.
While the above tips can protect your finances in a divorce, there are many more preparations and decisions you need to make to ensure you receive a fair settlement. Make every effort possible to guard your interests if you are considering divorce.