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.