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About to go through a divorce? Protect your finances

On Behalf of | Nov 11, 2020 | Divorce

Although a divorce can be emotionally devastating, the fact is that you need to start thinking about yourself ASAP. This is because you only have a small window in California to create protection around your financial and personal interests. The following includes a list of things you need to concentrate on as soon as you are aware of the pending divorce.

Contact an attorney

The divorce process can be extremely complex, especially if there are children involved. Bringing in an attorney in family law may be your best bet to receive a favorable outcome. You should never share an attorney with your spouse as they might later use that information against you.

Monitor your finances

Just because divorce papers have been served does not mean that your finances have been separated. As soon as you know of the divorce, it is important to begin to monitor your finances. Keep records of how much your spouse is spending with your money. This is strongly suggested because debts, no matter who created them, will be split down the middle. In addition, you may want to keep an eye on your credit score to ensure that it isn’t harmed too badly.

Protect your savings and retirement accounts

As mentioned above, your joint assets are still very much at arm’s reach by your spouse. To protect those funds, you must ask the financial institution that holds your accounts to require two signatures for any withdrawal requests. It should be noted that you should not put any restrictions on funds used for daily necessities such as rent and food.

The information above is just a few of the areas you’ll need to concentrate on during a divorce. It is recommended that you have an experienced attorney by your side to ensure that all legal hurdles are properly handled and no errors are made.