Financial tips for divorce in the New Year

Regardless of your race, gender or age, divorce can be liberating. Divorce can reshape your life, but there may be steps you can take to ensure that you protect your financial interests so that you can find the stability you need to start your new post-divorce life.

One way to find financial stability is to seek alimony, also known as spousal support, from your soon-to-be ex-spouse. Many don’t realize that this compensation may be obtainable even before a divorce is finalized. You may be able to obtain a court order that allows you to receive these payments, which could go a long way toward helping you find your financial footing.

Also, it is critical that you separate your assets from your spouse’s and put alerts on your bank accounts. By breaking your assets away from your spouse’s, you may be able to avoid any debt that your ex-spouse takes on and any losses you would face on account of your ex-spouse’s spending. With alerts on your bank accounts, you can be notified of suspicious activity, like a large withdrawal, and put a stop to it. This way you can stop an overzealous ex-spouse from taking what is rightfully yours.

These are just a few of the small steps you should take if you are considering divorce. You will probably have to deal with other financial issues, too, though, such as health insurance, dividing property and addressing child support. The way that you handle these issues can have a huge impact on your financial health moving forward, so you should ensure that you have all of the legal assistance you may need.

Source: Market Watch, “Financial tips for women getting a divorce,” Alessandra Malito, Jan. 4, 2017