Saturday, March 11, 2017
4 Ways You Can Protect Your Finances During a Divorce in NH
Documentation is Key
A key factor to any divorce is documentation. For the attorney to determine the division of assets it is important to take time to gather documentation involving your assets such as bank statements, financial records, tax papers, etc. Information will need to be provided individually as well as with joint accounts. It is recommended that you gather at least two to five years of statements. This information can be used in your favor if a spouse makes a large purchase before the divorce with a joint account to show that the purchase was made. There are many scenarios in which such information is needed.
Consultation with Divorce Attorney
To keep the divorce proceedings on track and have help with the financial side of the divorce, you should consult with a divorce attorney that is experienced in New Hampshire law. A divorce lawyer knows what financial mistakes to avoid as well as what you need to do to move forward in your financial decisions before the divorce is final. If a financial issue were to arise, you would have an attorney on hand who can help you with your case.
Setting up Individual Accounts
When you are married, it is not uncommon to have joint accounts. As the divorce process takes place, it is important for you to close all accounts that list you and your spouse and set up individual accounts for your finances. This should be done in order to avoid any disputes or problems financially. To protect your credit, open a credit card account in your name to continue to build credit or to begin building credit as you become single.
Credit Score Check
During as well as after the divorce, you want to keep track of your credit score. As joint accounts are closed and changes are made to finances, your credit score might go down. You also want to check your score to ensure that no purchases have been made in your name. Many spouses find that their soon-to-be ex takes out money or makes purchases including the spouses name before the divorce is final due to anger. Remain alert so this does not happen to you.
Divorcees also find that sometimes a creditor makes a mistake due to changes being made during the divorce process. Consider signing up for a credit monitoring program to keep track of your finances and catching any issues along the way.
Overall, you need to take control of your personal finances and consult an attorney on what you should do in your individual divorce case. Stay alert and make the right decisions to ensure your financial future.
By Michael Laws