You and your current spouse know that divorce is the right decision for you both, but you do not feel so certain about your financial future. What steps should you take to protect your finances during your split?
Business Insider offers insights on setting yourself up for financial success post-divorce. Educate yourself on viable solutions for financial issues during a marital split.
Make physical copies of all financial documents
Sit down and print out copies of tax forms, bank statements, financial paperwork with your signature and brokerage firm statements. You may feel that using electronic copies makes things more efficient, but by doing so, you risk your soon-to-be-ex-spouse “accidentally” locking you out of your shared online account.
Determine which assets belong to you
While printing financial documents, note which assets belong to you, which belong to your spouse and which you own together. Print out your most-current statements for investments, mortgages and similar assets. You may want a professional to valuate your assets so you know their current worth.
Shift liquid assets
Even if your current spouse does not lock you out of your shared accounts, you may discover that he or she wiped out your shared bank account. Move liquid assets from your joint account to one that is only in your name. Make sure you do not transfer more than you have a legal claim to.
Differentiate between “want” and “need”
For the property division phase of the divorce, get clear on what you want and what you need. For instance, while you may want the marital home, can you cover maintenance, insurance and all the household bills on your income alone? Even if you receive alimony, those payments may not last for the rest of your life.
