Protecting Your Finances During A Divorce

A divorce is a major life-changing event, especially if you’ve been married for 15 years or longer. To protect your finances during a divorce you’re going to want to do the following:

Hire A Great Attorney

The great Divorce Attorneys Columbus Ohio will be a huge asset to your situation. There are many laws that laymen don’t know about and you want to take advantage of all that is owed and due to you.

You also want to protect what is yours. A best divorce attorney will be able to advise you of what you should and shouldn’t do to protect your finances during your divorce.

Separate All Accounts

If you haven’t already done so, it’s time to separate all of your financial accounts. This includes checking, savings, bonds, and if you happened to have a joint account on anything else.

Put everything in your name or your ex’s name. If you’re separating bank accounts, make sure that you are going to a completely different bank. Many have found, to their dismay, that their ex can sometimes continue to use a formerly joint account and cause serious problems.

Notify Creditors

Notify any creditors of who owns what account. Remove the other person’s name from the account and make sure that the creditor knows who is responsible to pay the account.

Get all of this in writing and keep copies of all of the documentation to ensure that you’re protected. Don’t forget to notify about your insurance policies such as car insurance and separate the car insurance accounts. You don’t want to have to pay for their car insurance.

Determine Who Owns What

Property that was brought into the marriage and owned prior belongs to that person. Property that was acquired after the marriage is typically co-owned. You’ll have to determine how it’s going to be divided.

Keep in mind that if one spouse purchased some type of property (car, house, vacation rentals etc.) that it may be dependent on the state in which you reside as to who actually owns the property.

Mortgage Or Rent

If you’re both living in a house that you were buying, you’ll have to determine who gets the house. The courts may award it or you can have a private (attorney signed) agreement done up. Until such a time, you’re both responsible for the mortgage payment.

If you’re in a rental, if both of your names are on the rental agreement or lease, you are both responsible for the rent, even if only one of you is living there. Go in and have one name removed from the lease (the person leaving should be the one to do this as often the rental agency won’t allow another person to remove one person from said lease).

Change Wills And Other Documents

If you have a will, be sure that you change the beneficiary. Most people change it to the eldest child or a trusted family member until said child reaches adulthood.

Following these tips can go far in helping you to protect your finances during a divorce.