If you have decided to divorce, you already know that it is one of the most difficult things you will do in your lifetime. Divorce brings up many emotions and feelings that surface when faced with loss, rejection and uncertainty. While every divorce is different, investing your time by creating a checklist of important financial matters may help you avoid significant repercussions as the divorce process progresses.
- Know Your Financial Accounts. Regardless of who pays the bills, you need to know what bank, brokerage and retirement accounts exist, what names are on the accounts, and what are the current passwords if the accounts are accessed online.
- Get Organized. Create a physical file with copies of all financial account statements, tax returns, and property-related documents.
- Examine Your Debt. Obtain at least one credit report so you know what debts are solely in your name and which liabilities are jointly shared.
- Safeguard Beneficiaries. If you have children who are still minors, you’ll want to review retirement, insurance polices and college-saving plans to determine what needs to be changed and if a different guardian needs to be selected.
- Protect Your Credit. Consider contacting your credit card issuer and ask that the account either be frozen if the card is a joint account or to remove your spouse as an authorized user.
The services of an experienced divorce attorney with knowledge as to your rights, your children’s rights, your property rights, and your responsibilities resulting from the marriage are our area of expertise. D’Lugo and DeFlora, P.A. can analyze your unique situation and help you make decisions in your best interest and that of your family.