Don't Forget About Your Financial Health When Divorcing

If you are currently separated or are planning on filing for a divorce from your spouse soon, you need to make sure that you take care of your financial health and well being. Make an appointment with your divorce attorney to specifically discuss how you can protect your financial interests during your divorce. Here are a few things you can do:

Gather Up Important Financial Documents Before You File

If you are planning on getting a divorce, you need to start gathering up all your financial statements. In order to make the divorce process go more smoothly, you need to know about all of your assets and debts that you and your spouse share. All of your assets and debts will need to be divided in your divorce.

Do not depend on your spouse to provide you with copies of important financial statements; you need to make sure you have your own copies of all your important financial statements. You need to collect last month's statement and/or end of the year statements for your bank accounts, credit cards, mortgage, car loans, investments and retirement plans. Keep a copy for yourself, provide one to your attorney, and have a family member or friend keep a copy.

Open Up Your Own Bank Accounts

If you share a bank account with your spouse, open up a new savings and checking account in your name only. That way, you can start directing your paychecks to your own bank account and you can start to get a grip on managing your own finances again instead of sharing them.

You should also open up credit cards in your name. You should do this before you file for divorce; divorce can impact your credit score and your income levels. In order to get the best credit card offers, try to open a new accounts before your divorce. Don't run up any debts with these credit cards; keep these accounts for emergency purposes.

Request Your Credit Report

You should also request your credit report. This will help you get a handle on what your credit is like. Divorce can bring around a variety of life changes, and your credit score will impact your ability to rent an apartment and even to take out a loan. 

If there is anything wrong with your credit score; see if you and your spouse can address it before you start your divorce proceedings. 

Don't forget about your financial health while considering a divorce. Talk to your attorney about what financial documents you need to get copies off. Open up your own bank accounts and get your own credit cards in your name only this week. Finally, request your credit report and make sure that there are not any errors. If there are any errors related to you and your spouse, try to address them before finalizing your divorce.