Divorce is not only mentally and emotionally draining. It can be financially stressful and crippling, too. Many couples find themselves in huge debts way after the divorce. If you don’t know how to protect yourself financially while you and your spouse are getting a divorce, the result can be financially draining.
Dependable family lawyers in London or another city can guide you in the steps that you need to take when getting a divorce. This includes the financial aspect of your situation. Listen to what your lawyers will tell you about how to cut off the financial connections.
It is important to note that in all of these, you must first consult with your lawyer and your spouse. Cutting off credit cards and closing joint bank accounts can be real issues in a divorce. Make sure that it is clear to your spouse that what you’re doing is just to protect both of you and the children (if there are any). Any issue can be settled amicably with open communication.
List Down All Jointly Owned Marital Assets
Your assets as a married couple include the following: house, cars, money in the bank, retirement plans, insurance, boats, stocks or mutual funds, tan refunds, loans to other people, antiques and artwork, college funds, and collectables. Make a video and list of all your possessions with value and bring this to your lawyers.
Close Joint Credit Cards
Talk with your spouse regarding your credit card charges. Once you have amicably settled who should pay for the balance, proceed to call the credit card company and have them close or end the accounts. The company will require that the balance be paid off before closing the account so that you can simply request that all future purchases will be disallowed. Work out on how the balance can be paid off with your spouse. After doing so, apply for a credit card under your name.
Divide the Money in the Bank
If you proactively withdraw all the money from your joint bank accounts, you might face legal charges later on. At the same time, if you don’t take actions quick enough, your partner might clean you out. Ask your lawyer for the best course of action. Normally, you can either ask the bank to freeze the accounts until the divorce proceedings are over, or the bank can require for both of your signatures before either one can make a withdrawal.
Protect Your Documents and Data
Gather all documents—birth certificate, marriage certificate, tax returns, investment certificates, etc. Photocopy these documents and give one copy to your partner. Store your copies in a safe and inaccessible place for your spouse. Change all your passwords, too. Your spouse might log into your social media accounts and post something unlawful, which will affect the court proceedings.
Get a Credit Report
Since you are married, your credit report will also be affected by your spouse’s credit score. It is important to be aware of these things so that these can be addressed in the proper forum. Request for a credit report so that you can fix any problems or mistakes that will impact your financial life.
Breaking up is hard enough without having to think about the financial aspects of it. Hopefully, you and your spouse can settle things amicably, so there will be no financial issues that have to be ironed. But whatever kind of “good relationship” you have with your soon-to-be-ex, it’s always better to have a lawyer by your side.