Protect Your Money During Divorce

Did you know that in 20-40% of divorces, finances are the biggest culprit? Money issues are very stressful. And many couples have poor communication about the finances. In many marriages, money is not a regular topic of conversation as it relates to budgets, spending plans, and future financial plans.

Prepare Financially for Divorce

No one goes into marriage with the intention of getting divorced. But divorce happens, and if you're going to be one of the lucky ones to participate in this process, you owe it to yourself to look out for yourself as much as possible. No one will care as much about your well-being as you will.

This means you have to protect yourself from the very start of the divorce process. There are several steps you will need to take to make sure that you have financial security during and after your divorce. First, you should open bank and credit card accounts that only have your name on them. This will ensure that only you can access your funds or your credit.

Many married couples have a joint bank account with most of the family’s money in it. That account is used to for all deposits and the paying of all bills. One unfortunate tactic that is used in divorce is taking someone's name of the account or completely draining the account.

If you have established a bank account of your own and you have been able to make regular deposits to it, you will have safety money. No one can take your name off this account or take the money out of your account. You can also transfer some joint funds to your individual account, so you should talk to your divorce attorney about this to get a recommendation on it.

Other Resources and Support

Another great way to protect yourself during your divorce is by having a divorce team to help you through the process. In addition to having a divorce attorney, you may consider getting a divorce coach, a therapist, a financial advisor, and more specialized professionals if needed in your case. This team can actually save you a lot of money because you can have professionals working in their area of expertise and focusing on narrow issues for you.

Your divorce team can also help protect you mentally and emotionally. They can help ease some of your burden during this difficult process.

PROTECTING Yourself

After divorce, it is very likely that your standard of living will drop. You'll have a household of your own to pay for, but less money to do it with. Usually after divorce, there is the same amount of income, but two households to support. So it's logical that everyone will have to tighten belts.

And sadly, husbands sometimes try to sabotage you in the divorce. Or they don't pay court-ordered support. Or they play games with parenting time that make it difficult for you to stay employed, because you're always having to pick up his slack with the children.

I put together a mini-course to show you my best steps to PROTECT Yourself during your divorce. You're going to learn how to protect your information, your finances, and your technology. With this course you'll get: an eBook to download with full text and helpful tools, video tutorials from me that walk you through each step, instructions on the exact steps to take to protect yourself, and worksheets to help you keep track of your progress. Check it out here.