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How to protect your assets before divorce

Around the holidays, money tends to be on everyone’s mind. Between shopping for gifts, taking vacations, and budgeting for the new year, you may be thinking about how to manage your money. If you’re also going through a divorce, however, you probably have a whole new level of concern for your finances.

Because divorce likely involves the majority of your assets, it’s crucial to prepare your accounts early in the separation. In our last post, we wrote about one way divorce could cause unintended expenses. This post, however, will center on ways to protect your money and prevent damage to your credit.

The first step is to form a complete picture of your economic situation. Money Talks News created a list of ways to get ready for divorce financially that stresses the importance of checking your credit score. This will help you monitor for suspicious activity, including new accounts you don’t recognize and signs of identity theft.

In addition, record money, debt, mortgages, property and income. Make copies of all documents related to your finances. A detailed snapshot of what you and your spouse possess may give you a clear picture just in case anything goes missing or is inaccurately claimed.

Finally, close or freeze any joint accounts you have together and move assets to your own account. Shared credit cards and bank accounts are risky to leave alone, regardless of how friendly the divorce may be. While it’s tempting to assume your spouse would not take advantage of this access to your money, freezing shared assets is the safest option.

And the number one precaution on the list? Talk to a lawyer. If you suspect that your spouse has spent your money or created debt unfairly, a Florida divorce attorney can fight on your behalf. Legal support is vital for increasing the likelihood that you will keep the assets that belong to you.

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