Divorce is expensive. What you spend on divorce is difficult to estimate since each situation is unique – but it will impact your finances and life in many ways.
While you have a lot to focus on during divorce, you must also take steps to protect your money and your overall financial situation. Some tips to help you with this can be found here.
Know what money you have
Even if you know you aren’t rich, you may have more assets than you know about. If you don’t know the full scope of your financial situation, you can’t protect it.
Make sure you know what money and financial assets you have. This includes your 401(k) balance, credit card bills and more. Knowing what you own (and owe) will help you protect your financial future and get a fair settlement in your divorce.
Never try to hide money or assets
You may think hiding money is a good idea. After all, if your spouse doesn’t know about it, they can’t get it. It can cost you even more if you hide money and get caught (which is likely). While you can preserve your income and marital assets, you should do this openly and be transparent about it.
Open a separate bank account
If you don’t have a separate bank account from your spouse, you should open one. Sharing a bank account through a divorce may result in your spouse withdrawing everything in it. You can avoid this by opening your own account and moving your money into it.
If you are filing for divorce, you must take steps to protect your financial future. Keep the tips here in mind to help you with this goal.