If you find yourself in this situation and feel divorce is your only viable outcome, you need to take the following steps to protect yourself financially.
1. Separate your Non-Marital Assets
The dictionary would define Non-marital assets as property considered by the courts to belong to one spouse or another and that which is not available for equitable distribution. Basically that just simply means they are not part of the assets divided in a divorce.
2. Start Your Own Credit History
When you find yourself on your own, you may need to obtain a credit card, new car, and even new mortgage. These days these things will generally require a credit history. This can be started by opening up a new credit card, or adding your name to all household accounts and investments. Your spouse may need to give special permissions in some cases.
At the same time, it would also be wise to not start spending large amounts of money, buying high price items, etc., as you want to make your debt situation as simple as possible. The more outstanding debt, loans, and property you have prior to divorce will only create a more intricate, time costing, and stressful divorce proceeding.
4. Close Joint Accounts
If you know that divorce is likely for you and your spouse, be proactive and think about the things that could cause you more headaches and financial burden in the divorce process. Primarily examine all of your joint accounts and ways that your spouse can either run up credit cards and withdraw and spend money.
5. Hire an Experienced Divorce Lawyer
Even by adhering to all these principles, the divorce process can be very confusing and difficult to manage. There is a large amount of information and guidelines that must be considered which most people have no knowledge of. For this reason, it is important to consult with and hire an experienced divorce attorney who will be able to walk you through this process and help protect your rights.
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