Quatela Chimeri, PLLC

Preparing for a divorce? Protect yourself financially

The divorce process can be fraught with emotions—some positive, and some negative. It can be an overwhelming time. But if you are going through a divorce, you should take care that you do not set your financial wellbeing on the back burner during this difficult process.

When preparing for a divorce, it is crucial to take precautions to protect your finances. No doubt, finances will be one of the most important aspects of the divorce—and there are some important tips that you can follow now to protect your personal finances later.

Get involved in your marriage’s finances

Frequently in a marriage, one spouse is more actively involved in the couple’s finances than the other. If you have been comparatively uninvolved in your finances, it is time to change. Now is the time to be proactive in handling your financial matters. Take an active role in paying bills, managing investments, purchasing insurance and making a budget.

Tie up any loose ends

Tackling the administrative work of your personal finances is no fun, but it is still a necessary component of divorce. There may be some financial chores that you can’t deal with until after the divorce process is finalized. Still, there are some major tasks that you can complete beforehand to secure your finances. Be sure to:

  • Remove your spouse’s name from your accounts
  • Close joint credit accounts
  • Create a bank account and credit card in your name
  • Remove your spouse as a beneficiary from trusts and your will

Beware of bad advice

Many people who go through a divorce find themselves inundated with advice from friends, family and coworkers. While this advice may be well-intentioned, it may not be accurate. Your grandma may believe that she gives excellent advice, but you should take it with a grain of salt. In a divorce, you should seek out counsel from a financial adviser or a divorce attorney—people who have extensive professional experience in handling finances in a divorce.

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Quatela Chimeri PLLC
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