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How to Protect Your Finances in Preparation for Divorce

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If you have decided to divorce your significant other, you likely have some concerns about your finances and what will happen to those finances during the divorce proceedings. While it is normal to have concerns about your financial situation during a time when you are ending a relationship that may have gone on for many years, you need to know that there are ways to protect your finances in preparation for a divorce. By taking a few essential steps, you can have more financial security during this difficult time.

Open a Bank Account in Your Name

After sharing a bank account with your partner for quite some time, you may no longer feel comfortable doing so, especially if you are getting ready to file for divorce. Choose a new bank where you can open a checking and savings account in your own name. Do not put the account in your ex’s name. When you have an account in your own name, you are the only one who can legally access it. You will have checks and a debit card issued in your name. Once you have an account that is only yours, you may then begin receiving direct deposits into that account instead of in the joint account that you were using in the past.

Start Working on Establishing Your Own Credit

Creditors will view couples as a single unit when it comes to credit. However, if you are ending the marriage, you need to establish some credit of your own. A good way to establish credit is to apply for a credit card in your own name. When you receive that credit card, you can use it to pay for small items here and there, paying it off by the due date to avoid late fees. If you do this often enough, you can improve your individual credit score.

Put Your Personal Property Away

When you are married, most of the things that were purchased during that time would belong to both you and your former partner. However, if you owned certain things before you got married, you need to store that personal property to prevent your ex from attempting to take it from you. Anything that you managed to obtain before the marriage and anything that was gifted solely to you from someone else is yours and would not belong to your ex.

Hire a Divorce Attorney to Get You through the Divorce

When you plan to get a divorce, knowing how to protect your finances is important. You do not want to end up with a poor credit score and nothing but stress and frustration left to deal with. A divorce attorney can help you protect your finances in preparation for your divorce. When you want to have a reliable attorney by your side to get you through the divorce proceedings, depend on Giro Law. Request a consultation on our website or call us at 201-690-1642. Our office is located in Hackensack, NJ and we provide services to those in and around the city.