You may find yourself in a difficult situation if you do not fully prepare yourself and protect yourself. If you are sure that divorce may be a decision in your future there are a few things to keep in mind for the process to go as smoothly as possible.
Evaluate Your Credit History
If you have open credit card accounts under your spouse’s name then more than likely you will be removed from these accounts before or after your divorce. You should consider applying for a credit card to begin building your credit history if you have not already done so on your own. Using your account to make a purchase and then paying off the balance will help improve your credit score. Credit is important if you would like to be able to obtain loans or purchase a home in the future.
Copy Important Documents
You should make a copy of all your important documents that pertain to your finances. This may include and is not limited to tax returns, life insurance policies, bank statements, wills, retirement accounts, investments and any other document related to your marital property. Having a copy of every document helps you understand the financial issues you will need to solve during your divorce process.
Take Inventory of Your Possessions
Any assets or debts that were acquired during your marriage will probably be divided between you and your spouse during your divorce process. Taking inventory of appliances, vehicles, jewelry, furniture or anything else that could be subject to property division will help allow you to take the necessary steps in getting a fair share. Keeping an inventory also helps you make sure your spouse is not attempting to hide anything.
Estimate Your Earning Potential and Household Finances
Understanding your ongoing income and expenses. Keep track of all bills that include utility bills, mortgage or rent payments and other household expenses. You may also want to make a realistic assessment of your earnings. The amount you currently earn, income you are capable of earning and many other facts can play a role in decisions throughout your divorce for spousal maintenance. You should examine your options and ensure you are able to meet your needs following your divorce.
Speak To an Attorney at Moreno & Associates
In addition to the steps above, you will face different concerns that will be specific to your situation. Contact us to help you understand what actions you should take to protect your rights.