Divorce takes a financial as well as emotional toll. If your spouse files for divorce, you need to take steps to protect your financial situation. You'll need money to see you through the separation and divorce, funds to pay for legal consultation, as well as money for living expenses after the divorce, even into retirement. Arm yourself with information and try not to let emotions cloud your judgment, advises the Iowa State University Extension Service.
Step 1
Gather information about your finances. If your spouse has taken primary responsibility for handling your money in the past, you'll need to educate yourself. Make a list of all checking, savings and investment accounts, with their account numbers and balances. Don't forget to list retirement accounts. Include a list of other assets, such as a house, cars and any other property. Past tax forms should list some or all of this information.
Step 2
Make copies of tax forms, financial statements, bank statements, insurance policies and other important financial documents, advises CNNMoney.com. If your spouse moves out and takes these important papers with him, you want copies to prove your financial situation at the time of the divorce.
Step 3
Request a credit report and verify that the information is accurate. A report could reveal incorrect information, or accounts you didn't know about. Make a list of all outstanding accounts and debt owed.
Step 4
Close joint credit cards and apply for new cards in your name only. You will be responsible for any debt accumulated on joint accounts, so protect yourself from any additional debt. If a credit card has a balance you won't be able to close it, but Bankrate.com says you can freeze the account so that no new charges can be made on it.
Step 5
Open a bank account in your name only. Deposit your paychecks into this account, and any other money that comes to you.
Step 6
Consult a lawyer about your options and about anything else you need to do to protect yourself financially.
Tips and Warnings
- You'll need to continue to make at least minimum payments on the card balance while the account is frozen.
