Family Law & Finance: 4 Ways to Protect Yourself Financially During Divorce

Dissolving your marriage will likely bring about several changes in your life, some of which will involve your finances. As part of this important decision, you may find that you need a family law attorney to help you navigate the unclear waters. One of the many ways that divorce can affect you and your family is financially, and at Jones, Childers, Donaldson & Webb, PLLC, we recommend these ways you can protect yourself.

  1. Create a New Budget- When you get divorced, you will likely only have one source of income coming into your bank account. To ensure you are able to live within your means, sit down and create a budget that accounts for your living expenses in relation to your income.
  2. Keep an Eye on Your Credit Report- Before the divorce process is finished, regularly check your credit report to make sure you are able to maintain a good score. Keep in mind that debts that were usually paid for or by your spouse can have an impact on your credit rating.
  3. Close Shared Accounts- During your divorce, take the time to close any bank accounts you and your spouse share, or transfer them into your name. The same should be done for any joint credit card accounts. Closing these accounts will help protect your credit from delinquent payments your spouse may be responsible for while you wait on your case to be settled.
  4. Pay Attention to Your Taxes- Divorcing your spouse can also have an impact on your taxes. To ensure that there aren’t any surprises when it comes time to file your taxes, do some research to understand how divorce can affect your taxes. Your family law attorney may be able to guide you in the right direction for a less stressful tax season.

Additionally, if you turn to us for assistance during the divorce process, we will fight for your best financial interests and help you get a fresh financial start after the proceedings are over. Contact us today to learn more about our family law services.