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Protect your assets in divorce with these tips

by | Apr 20, 2018 | Divorce

Once you’ve been told by your spouse that it’s time for a divorce, you need to begin planning immediately. Don’t waste a single minute. It’s likely your spouse has been planning for this day for quite some time; he or she just hadn’t mentioned it yet. You are now behind the ball when it comes to getting ready for a divorce. Here are some tips to help you protect your assets in a New York divorce.

You should close every single joint account that is open immediately. This will include paying down all joint credit card accounts. Once they are paid down, you should close them. At the same time, it’s best for you to open individual credit card and banking accounts.

Try to save as much money as possible prior to the divorce being finalized. You definitely do not want to accrue any new debt once you know you are getting divorced. Remember, there will now only be one income coming in to pay down any debt you accrue. You need to be even smarter about your money now.

Sign up for a post office box. Send all of your mail here. You don’t want any mail coming to the house that has your new banking or credit card information in it. Your spouse could get a hold of it and use it for his or her advantage.

Find out the balances of retirement accounts owned by you and your spouse. Knowing this information and having statements at the ready can help in the division of assets.

Run a credit report for yourself and ask for one from your spouse. It’s a good idea to know what each person’s credit score is and what items are showing up on the reports.

Now that you’ve been presented with tips for protecting your assets in a divorce, you need to take the proper steps to make it happen. Don’t let your money wind up in your spouse’s hands in a Oneida divorce.

Source: The Good Men Project, “11 Tips For Protecting YOUR Assets During Divorce,” April 18, 2018