Divorce can be a stressful experience, no matter who you are. According to the National Association of Divorce Professionals, an estimated 60% of divorces happen between ages 25 to 39. One of the most challenging decisions you will ever make is whether to divorce your spouse. Family law proceedings are lengthy and expensive. They can significantly impact your savings, credit rating, and future happiness. The following tips can help you navigate your divorce with ease.
Open Checking and Saving Account in Your Name Alone
Open a checking account in your name alone. This means that you will not have joint accounts with your spouse. Doing so will give you maneuverability through the process of divorce. It will also protect you from financial troubles caused by your soon-to-be-ex partner’s misconduct or mistakes.
Get a Credit Card in Your Name Alone
Get a credit card in your name alone without adding the name of your soon-to-be ex-partner. Family law professionals suggest that this is especially important if you have children together. Having a credit card in your name alone will give you more control over your financial situation. You will also be able to keep track of your purchases through the card.
Sign Up for Credit Monitoring Service
Sign up for a credit monitoring service to regularly monitor your credit standing and financial situation. This is important as it will allow you to keep track of your name’s credit activity. You can immediately address any problems with your soon-to-be ex-partner. They include opening new accounts or making large purchases without consulting with you.
List all the Assets and Liabilities
List every asset and liability you own and all debts you owe. This will allow you to monitor the financial performance of your soon-to-be ex-partner. It will also provide you with important information on what type of assets your soon-to-be ex-partner owns compared to the ones owned by the couple. You will be able to study the balance sheets. This helps show how big a chunk of your soon-to-be-ex partner’s assets comprises financial liabilities owed to other creditors outside of the couple.
When your marriage comes to an end, your divorce comes with it. Divorce can be an emotional whirlwind of paperwork, court appearances, and financial costs that leave you feeling overwhelmed at best and hopeless at worst. At our divorce law office, we understand what divorce means to you as you embark on this new chapter in your life. Call us today for professional, compassionate, and reliable family law experts in Noble County, IN.