Unfortunately, there are still many people who go through a divorce without the help of an experienced family law attorney. Oftentimes, these people end up with troubles down the road, especially when it comes to finances.
This is because it can be hard to navigate through a divorce, especially if you have never done it before. A recent article in Business Insider gave a few helpful hints that everyone going through a divorce should keep in mind to help protect their finances.
1. Establish separate bank accounts. Although you may think you can trust your soon-to-be ex not to wipe out your savings, it could happen. The article said that it is better to be safe than sorry by closing joint accounts and opening separate accounts at the beginning of the divorce.
2. Keep a watchful eye on your credit. It is possible for you ex to negatively impact your credit score if you are not careful, even after your divorce. One thing you want to make sure to do is remove your name from all jointly-held debts and loans.
3. Make sure you stay insured. Insurance is one of the things many people forget about while going through a divorce -- that is until they really need it. Don't wait until it's too late. Make sure you'll have access to health, auto and homeowners (or rental) insurance upon divorce.
4. Think about taxes. Your divorce will likely impact your filing status and could also impact your taxable income or deductions, particularly if alimony is involved. You may even be filing your taxes for the first time. Consider consulting a tax expert to avoid mistakes.
These are some helpful financial tips for people going through divorce. Of course, the most effective solution is to hire an experienced divorce attorney who can help to make sure all of your bases are covered from the very beginning.
Source: Business Insider, "GETTING A DIVORCE? Here's How To Untangle Your Finances," Angela Colley, Jan. 4, 2012


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