How to Protect Yourself Financially During a Divorce or Separation
June 4, 2018
Divorce isn't something couples usually plan ahead of time. They can be costly and range from 10,000 to 15,000 dollars on average. Don't let costs hinder you from getting a divorce if you are unhappy. Here are some tips to consider when you are in the process of a divorce.
Conduct extensive research on your state's divorce laws.
Each state has their own set of laws when it comes to divorce. Debt and assets can vary from date separation or until the divorce is actually finalized depending on the state laws. Some states can also offer legal separation which is similar to a divorce, but the couple is still legally married. They can file taxes and stay on each other's health insurance with a legal separation.
Protect your credit and finances.
One of the biggest and most important things that you must protect during a divorce is your credit and finances.This includes creating new car insurance policies, ensuring that rental and homeowner insurance is under your name, close joint bank accounts, and request credit reports and look to see what accounts need to be updated. These are all important things to watch out for when going through a divorce.
To read more tips on How to Protect Yourself Financially During a Divorce or Separation check out this article by Samantha Stauf here by Wise Bread.