Three Things Anyone Getting Divorced Should Do to Protect Their Finances

Galveston divorce

They say that half of marriages end in divorce, but this simply is not true. Four in 10 of them do. One of the things that people are most concerned about when they’re facing a divorce is finances — and not just how much the divorce process is going to cost them. There are also the matters of finding financial independence and the splitting up of assets to worry about. There are a few things that anyone going through a divorce should do for their own financial situations.

1. Open new accounts.
If you’re going through a divorce and only have joint bank accounts, one of your priorities should be to make sure that you open all new accounts in your name only. Double check to make sure that any direct deposit accounts get switched over to your new account and that you’re keeping a close eye on your finances.

2. Prepare for divorce costs.
You’ll need to keep a close eye on your finances to make sure that you’re the only one who has access to that information and to make sure that you’re prepared for the financial costs of the divorce itself. Divorce lawyers are a must — since there are so many different divorce forms and legal processes you have to go through, you can’t really get away with not hiring one, even for an uncontested divorce.

3. Evaluate accounts as they are.
One of the first things you should do when you finally decide to go ahead with filing the divorce forms is evaluate all of your joint financial accounts and assets as they are. Make copies and records for your own information so that you know exactly what needs to be split up and your spouse doesn’t have the opportunity to hide anything.

Do you have any financial tips for someone who is going through or preparing for a divorce? Feel free to share them with us in the comments section below.