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How to financially protect yourself before a divorce

On Behalf of | Dec 24, 2020 | Divorce

For many people in New York, marriage can seem like it will last forever, which is why so many people take a financial hit when one spouse suddenly presents them with divorce papers. That is why it is so important to set up the proper financial protection in case of divorce. Read on to learn some of the most effective of these precautionary moves.

Pre-marriage precautions

One of the best things you can do to avoid financial issues after a divorce is to protect yourself before the marriage even begins. Having your spouse sign a prenup before you’re legally married by the courts will provide you with a strong layer of protection. This is especially important if you have the following assets in your name:

  • Personal business
  • Stocks
  • Real estate properties

Obtain documentation

Once divorce papers have presented themselves, it is important to obtain certain financial documents quickly. The first documents you should obtain include your credit score and current bank statements. Unfortunately, some spouses will purge joint bank accounts and attempt to leave with most of the accumulated funds. You may use this information in court to prove improper management of funds and thus potentially receive compensation.

Get rid of debt quickly

The fact of the matter is that credit card companies and anyone else you owe money to don’t care about your divorce. Unfortunately, some will find themselves in greater debt if one spouse begins to use the joint credit cards during the divorce. Because the accounts are open, it may be entirely legal for them to behave this way. It is wise to pay any debts off as soon as possible and close the accounts.

Although you can take certain precautions to protect yourself financially, it is still important to obtain an attorney’s services. They may be able to provide you with additional recommendations for how you can protect your finances.