How to safeguard your financial affairs during divorce

Emotions can run high for divorcing Louisiana couples, especially when children and assets are involved. It can be easy to get wrapped up in the moment and forget key things you should do to protect your financial assets during the divorce. The following list can guide you through this difficult time.

Accept that you may need help

If you are mad at your soon-to-be ex-spouse, you may want to refuse any financial support altogether after the divorce. This is not always a wise thing to do, especially if you were not the main breadwinner of the family. You have to consider how you will live and care for your children and put your pride aside.

Do not take revenge on your spouse

If you decide to sell items or assets that your spouse is entitled to, the courts may make you compensate for these losses. This can also include lying about your finances in order to get more money from your spouse.

Research your state’s divorce law

Ten states are community property states. This means that the all assets acquired during your marriage belong to you and your spouse equally. This will determine how the court divides your financial assets in a divorce.

Do not spend large amounts of money prior to the divorce

Barring paying off credit cards or loans with your spouse, avoid making large purchases on your own. Whether it is the plastic surgery you have been wanting or a new vehicle, the court may make you compensate your spouse or sell the recently-acquired asset.

Keep track of spending and your credit score

It can be easy to miss payments or deliberately not pay for items for which you believe your spouse should pay. Missing payments can have detrimental effects on your credit report. In turn, this can make starting over after divorce difficult.
Additionally, keeping a record of your expenditures during divorce can help show the court what you’ve been responsible for paying. It can also assist in determining how your assets are divided.