Your Guide to Debt and BankruptcyYour Guide to Debt and Bankruptcy

About Me

Your Guide to Debt and Bankruptcy

About 10 years ago, I secured my dream job with one of the largest corporations in the country. The job came with a substantial increase in pay and I soon looked for a large house for my family. After living the life I dreamed of, I was let go from my current position. I had a large amount of savings, but the economy took a turn for the worse and savings were quickly drained. I soon became stressed about finances. I could not pay the mortgage and bill collectors started to call my house. I refused to be defeated though, so I met with a bankruptcy attorney instead. I live a much simpler life now with my family, and I want you to know that financial stress does not have to affect you for years. Read my blog to learn about bankruptcy, debt laws, and how to hire an attorney.

3 Steps To Financially Prepare For A Divorce

If you are contemplating divorce, it is important that you take the necessary steps to protect yourself financially. Many individuals don't think enough ahead to start preparing for a divorce and when the separation does come, they are in a world of financial trouble. This is why it is so important that you do a couple things to protect yourself financially. Here are a couple things you should do.

1. Separate Your Finances

If your marriage is on the rocks, you might start separating your finances. This is because you are going to need some spending money that is separate from your spouse. For example, you might consider opening a checking or saving account in your own name. If possible, you should put money aside so that in the case that you need to leave you have something aside in your name.

In addition, you should get a credit card in your name only. Then if you need to talk to a lawyer, without your spouse knowing, you can pay them from your credit card or bank account. This will allow you more financial freedom to take the next steps towards divorce.

2. Get Your Own Post Office Box

When you start the divorce process, or start preparing your finances for divorce, you will have a lot of sensitive materials mailed to you. If you don't want your spouse to know, or you don't want your spouse to compromise the information, you should consider opening up your own post office box. You can open it in your name only, and no one but you will know about it. This way you can get your credit cards, bank statements, legal correspondence with your lawyer, and so much more through this new address.

3. Change Your Will, IRA's, Retirement, Trusts and So Forth

When you put together all of your estate planning documents, you probably had your spouse as your beneficiary. In addition, you might have put your spouse as your legal, financial, and medical power of attorney. If you no longer are married to your spouse, or even if you are separated, you should start changing these documents. It could become quite the mess if something were to happen to you and your ex-spouse is on all of your documents. That is why you should start changing them early.

By doing these things you can make sure you are financially protected during a divorce. For more information, contact Mira Staggers White.