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Think about your financial future when preparing for divorce

Filing for divorce is a big life change for many people. One of the issues that might come up, especially in a contentious divorce, is whether there are any assets hidden somewhere. Other issues might also be present.

There are some very specific ways that you can protect yourself during the divorce. Keeping your finances in order is often a top priority, especially since you might have to rely on savings and credit to make it through the first few months after the marriage ends.

One thing that you can do is grab a copy of any credit applications that you and your ex have filed. Many of these applications contain information about assets and finances. These applications, such as mortgage applications, are especially helpful if they were filled out within the past year.

Another thing that you need to do is to cancel joint lines of credit. These accounts are a way that your ex could kill your credit, whether it is intentionally or not. If your ex continues to charge things to a joint account, the balance will continue to go up. This would mean that the credit usage percentage on your credit report would go up.

You might also need to get insurance on your ex. You would have to pay the premiums and hold the policy, but you could do this for life insurance. This could help you to protect your finances if something happens and your ex's income stops. You can also have it put in the divorce settlement that your ex should have disability insurance for this exact purpose.

Ultimately, your goal with the divorce is to ensure that your future is protected. One option for this is to keep your finances in order and separated from your ex.

Source: Institute for Divorce Financial Analysts, "Top 10 divorce tips," accessed June 14, 2017

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