What Are Common Ways to Protect Your Money During a Divorce?

Photo of a Person Trying to Protect Their Assets

Divorce is something few of us want to think about. However, if you are contemplating divorce—or already in the middle of a divorce—it is extremely important that you take steps to protect your financial future.

You can actually protect your finances before you file for divorce. If you have any suspicions that your spouse might be hiding money, or if you suspect the divorce is going to be less-than-friendly, you need to take precautions as soon as possible.

How to Protect Your Money During a Divorce

If you are wondering how to protect your money during divorce, there are a number of things you can do before filing for the divorce, and during the divorce. These include:

  • Open bank accounts Open bank accounts in your name only—both checking and savings. Unless you are dealing with domestic violence or other extreme issues, do not keep this a secret from your spouse. Tell him or her what you are doing, as well as the amount of funds you will transfer to the accounts. You will need enough money in the accounts to cover your attorney fees for the divorce as well as normal monthly expenses.
  • Open a post office box Like bank accounts, it is important to open a post office box in your name only. This is where you can have your financial documents sent.
  • Take photos Before the divorce, it may be important to take photos of everything that has any value in your home. In the event something “disappears,” you will then have a record of it.
  • Request a copy of both spouses’ credit reports – Credit reports will help you see where you stand financially. It will also help you ensure that your spouse has not opened any credit accounts that you could potentially be responsible for.
  • Close joint credit accounts Close any joint credit accounts you have paid. The fewer debts you have during the divorce, the less stress during negotiations.
  • Value your pension or retirement accounts – Before you file for divorce, make sure you know the value of your own pension as well as your spouse’s pension.
  • Put valuables in a safe place – If you have any valuables and you believe your spouse might hide or destroy them, put those valuables in a safe place. Have them valued by a professional. If they were purchased with marital funds, then you must split the valuables during the divorce. You want to make sure the valuables are properly protected, but you must let the court know that you have them.

For those parents who stay home with children, you are just as entitled to the marital assets and money. It is likely that the two of you made an agreement—implied, verbal or written—which essentially says that one spouse’s income would pay for all expenses related to the family.

Your contributions to home and family are equally important. If you end up embroiled in a divorce, then it is important that you never think you have no money to protect. The very best step you can take at this point is to talk to a Florida divorce lawyer as quickly as possible. Your Florida divorce lawyer can help you ensure you are financially protected during your divorce.

Contact Our Florida Family Law Attorneys

Ending a marriage can be a difficult process, and it is important that divorcing couples protect their assets both before and during the separation.

Before you begin the divorce process, it is important to retain the services of an experienced Florida divorce lawyer. Our office is conveniently located in Melbourne, Florida, and we serve all of Brevard County, Florida. Please contact an experienced Florida divorce lawyer at the Law Office of Jeffrey Thompson today by calling (321) 253-3771.  

Additional Resources

What Happens When your Ex Stops Making Child Support Payments?

Date Night Might Protect You From Getting a Divorce

Leave a Reply

Your email address will not be published. Required fields are marked *