While in some cases divorce is a thing that happens suddenly, in most cases this is one drastic life change that you can foresee coming several months before the legal process ever begins. If you are pretty certain that your marriage is heading for a divorce, it is definitely time to start thinking differently, especially when it comes to finances. If you have not fully separated your financial life from your current spouse's by the time you file, things can get really sticky when the two of you part ways. Here are a few major financial changes you need to make before filing for a divorce.
Take back possession of any credit cards you have in your name
When two people are united in marriage, it is not at all uncommon for the wife to use the husband's credit cards or vice versa. However, if there is a divorce on the horizon, you do not want to leave a credit card in the hands of your soon to be ex. If your spouse wants a way to get back at you, charging up a huge amount of credit card debt in your name may be just the perfect way for them to do it. Go ahead and get your cards back, and if they will not give them to you, call the company and request the card be cancelled and have a new card shipped to a safe address if the two of you still live at the same residence.
Separate joint accounts at the bank or with creditors
If at all possible, make sure every account you opened together as a couple either gets closed or reverted back to solely one of you or the other. Holding joint accounts when you file for a divorce will just be another step in the asset and debt division process that can slow down the process. The more you can get these types of joint accounts separated and closed before you file, the faster the process will go.
Avoid making new major purchases
Pretty much anything you purchase before you are legally divorced can be considered joint property and may have to be divided or sold because it was obtained while the two of you were still married. So if you are eyeballing a new car, home, or even furniture and you know a divorce is bound to happen it is usually best to hold off on these major purchases until after the divorce is final.
For more information, contact companies like Backus Law Group.