The decision to move forward with a divorce is an emotional one, but it is important to keep a clear head and to take the necessary steps to protect yourself financially during the process. In fact, many of the steps you can take to safeguard your financial health can be done early on in the divorce process, allowing you to rest easier at night.
Here are some tips to protect your finances if you are preparing for a divorce, or in the midst of one:
- Close Joint Credit Cards: Most married couples share at least one joint credit card and the last thing you want is to continue to be responsible for your soon-to-be ex-spouse’s continued spending. Contact the credit card company as soon as possible and tell them to close the account. Make sure you also follow up with a certified letter.
- Investments and Bank Accounts: If you are concerned about your spouse cleaning you out, you need to contact your attorney and ask what to do to protect your investments and bank accounts. Remember, these are considered marital assets, so you cannot simply empty out the account as a precautionary measure. Your attorney might suggest that you call the banks and brokerage firms to put a freeze on the accounts.
- Protect Your Data: Do you have copies of all of your financial data? If not, you need to collect copies of everything, including tax returns. You should also remember to change all of your passwords.
- Protect Your Mail: Now that you are separating your lives, you also need to make sure your mail is separate, to protect your privacy. The best way to do this is to set up a PO Box and to have all of your mail delivered there rather than your house or apartment.
- Get a Credit Report: Your spouse might be harmless, but they might have hurt their own credit, which means yours might be damaged too. Get a credit report to see how or if your ex-spouse’s financial actions might have affected your own credit.
Illinois Divorce Attorneys
Divorce is never a walk in the park and you are likely concerned about the impact it can have in all areas of your life. To ensure your interests are well protected, contact the Illinois divorce attorneys at Wakenight & Associates, P.C. From start to finish, our experienced legal team will walk you through every step and answer any questions you might have along the way.
Contact any of our convenient locations today and schedule a free consultation with one of our knowledgeable divorce attorneys.