A divorce is a difficult experience no matter who asks for it. During this emotional crisis, you may want to hide, but there are important steps you need to take if you want to secure your financial future. Divorce always involves a large amount of upheaval, so it’s only natural to feel overwhelmed. If you want to save yourself grief later on, get your finances in order as you prepare for divorce.
Take inventory of financial documents
You immediately need to gather all of your financial records, including bank account information, mortgage statements, credit card bills, wills and trusts. Make copies of all these documents and find a secure place to store them. Never keep these records in your home. Leave them with a reliable friend/family member or use a safe deposit box that your husband can’t access.
Secure funds for legal and other professional fees
It’s possible that your husband controls all the access to family funds, so he can make it difficult for you hire the divorce team that you need. Many husbands often cut off the money supply and force women to sign divorce settlement agreements that are in his favor. Make sure there are secure funds available only to you to avoid this.
Open new accounts in your name
Go to a different bank than the one where you have joint accounts. Open a new checking and savings account in your name. The divorce attorney may tell you to withdraw nearly half of your joint funds and deposit them in your new accounts. Open a new credit card account in your name, but keep in mind that establishing credit on your own will be difficult if you have little or no income.
Get a copy of your credit report
If you keep an eye on your credit report you’ll know if your husband is charging purchases to your joint credit cards. He might also be dissipating marital assets in another way. This also allows you to keep tabs on your credit score.
Open your own post office box
After you hire a divorce team and open new accounts, you want to keep mail confidential. Open a post office box of your own and you’ll never have to worry about your husband reading your mail. Make sure this box is secure, locked and only accessible by you.