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How to protect your finances during divorce

The divorce process is complicated. Where will you live? How you will make ends meet? These are difficult questions that need answers. Protecting your personal finances during divorce may seem like a daunting task, but it doesn’t have to be.

It is easy to let your emotions take over during divorce. Financial concerns are one of the biggest issues during divorce in addition to the turmoil of ending your relationship. However, understanding what steps to take during your divorce will help you better prepare for the future and life after divorce.

Financial planning tips

What can you do to protect your financial goals during your divorce? Consider the following tips:

  • Become familiar with your monthly expenses, if you aren’t already.
  • Set up new bank accounts and credit cards. Consider removing your spouse’s name from your accounts and closing joint accounts.
  • Remove your spouse from your will, power of attorney, living will and any other estate planning documents. Also remove your spouse as beneficiary to your retirement account and life insurance policy.
  • Create a new budget based on your finances once the divorce is finalized.
  • Create a new financial plan to help you reach your long-term goals for retirement.
  • Listen to your lawyer’s advice: You may have many friends and relatives who want to help you through your divorce by providing advice. However, every divorce is different and what happens in one person’s divorce may not happen in yours. Instead, follow the advice of your attorney to protect your financial goals.

Get started before it’s too late

Planning for life after divorce is an important step to take. This is especially true if you own a business, multiple properties or have a significant amount of assets. Your attorney can help you explore what steps to take to protect yourself during divorce as well as guide you through what needs to be done once your divorce is finalized.

The best thing you can do for yourself during divorce is to learn about your financial situation and create a plan so your future is protected. So, what are you waiting for? Start planning today by contacting your attorney.

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