Financial steps to take after your spouse announces divorce plans

On behalf of Bryson Law Firm, PLC | June 16, 2020 | Family Law | 0 comment

Sometimes a divorce comes with plenty of signs. You and your spouse may have discussed the issue many times before one of you decides it is time to initiate proceedings. Other times, divorce seems to come from nowhere with one spouse unaware a problem exists until the other spouse says it is time to end the marriage.

Unfortunately, unexpected family law issues like a divorce may leave one party with little or no time to prepare. Family law attorneys understand how hard it is to separate yourself from your emotions and remain focused when your marriage is ending.

It is vital to take control of your side of the divorce so that you can protect your financial best interests. Following the steps below as quickly as possible helps ensure your Mesa, Arizona, divorce does not leave you destitute.

  • Protect your investments and savings: If you and your spouse jointly own savings and/or investment accounts, contact these institutions right away and request signatures from you both for any withdrawals.
  • Close joint financial accounts: Closing joint credit card accounts protects you from debt that your spouse may incur before your divorce is complete.
  • Keep an eye on your credit: Monitor your credit to ensure that no one is borrowing, acquiring credit or otherwise using your name to increase your debt.
  • Find a good family law attorney: One of the best methods of safeguarding your finances during divorce is having a legal advocate to offer you guidance throughout the process of ending your marriage.

Divorce is hard enough without worrying about your financial future. Acting quickly after your spouse announces his or her divorce plans allows you to start your life anew without incurring unnecessary economic hardships.