When you decide to split up from your spouse, you won’t just be dividing your home and free time, but your finances as well. After living for so long together, sorting through all the details can seem overwhelming. However, it’s crucial to take on this task slowly and thoughtfully, so you can protect your money and assets. Before meeting with a divorce attorney, use these three tips to get a solid head-start.

3 Ways to Protect Your Finances During Divorce

1. Separate Your Accounts

Whether your spouse gave you a monthly allowance or you shared a joint checking account, it’s crucial to turn your bank statements from “we” to “me”. Open a personal checking account solely in your name, and after letting your spouse know, transfer the money you earned or were entitled to.

Then, you can use this account to save up for legal fees, apartment applications, and living expenses. If you share any credit cards or loans with your spouse, work to pay off these balances fairly before you file, so you can simplify the settlement process.

2. Take Stock of Your Assets

In addition to cash, you’ll be agreeing to split up the property between the two of you. Therefore, if there are any assets that you’d like to claim, it’s important to start taking inventory.

Go through those storage units, under-bed containers, and boxes in the attic, and take photos of items you bought or inherited yourself. If possible, track down receipts or records of gifts, so you can easily assign items to your name.

3. Plan for the Future

Finally, it’s important to think about what responsibilities you’ll have to take care of after the divorce. While you might no longer be receiving financial assistance from your spouse, you may still have to maintain a large portion of the expenses, such as utilities in your new place, or tutoring for the kids.

Try to come up with a realistic estimate of your needs, so you can make it clear where spousal support is necessary. Make sure to add in expenses you may not have needed when married, such as disability insurance payments, or a separate vehicle.

If you’re looking for more financial advice regarding your divorce filing, reach out to Lonneman & Associates, PLLC of Elizabethtown, KY. This firm has been serving clients for over 30 years, and they work in many facets of family law. In addition to issues like divorce and adoption, they also cater to criminal cases. To learn more about their affordable and attentive service, visit the website. You can also call (270) 765-2190 to arrange for a free consultation.