How to protect your finances in a divorce

On Behalf of | Sep 3, 2020 | Divorce

Whether you settle a divorce through mediation or with the help of a Florida judge, it is important that you take steps to protect your financial interests. Ideally, you will create a budget and a long-term financial plan before divorce proceedings begin. This can help you determine if a final settlement will help to meet your current and future financial needs.

Work with your spouse

You may be justifiably angry at your spouse or believe that he or she is the reason why the marriage is coming to an end. However, it can be a lot less expensive to work directly with that person when negotiating a divorce settlement. This is partially because you won’t need to pay an attorney to argue on your behalf in court. Furthermore, spouses who work together to dissolve their marriage can generally do so in less time.

Don’t assume that your former spouse will adhere to the divorce decree

There is a chance that your former spouse will be required to pay off a joint credit card balance or make payments on a vehicle that is in your name. However, there is no guarantee that he or she will actually follow through on his or her obligation to do so. Ideally, you will take your name off of any account that you are not obligated to pay after a marriage ends.

If you are getting a divorce, it is important to take steps to protect your financial future. In some cases, this means removing yourself from joint accounts to ensure that assets aren’t repossessed and that your retain your quality credit score and history. It may also be a good idea to learn about the property division laws in your state before you approach the negotiating table.