Ways to Protect Your Finances During Divorce

If you have a divorce looming, you will be going through a whole range of mixed emotions. First, you may well be upset that your relationship has come to this, or angry, or even relieved. Then you may be worrying about your finances and assets. It is important that you try and keep a level head when you are attempting to sort out all the financial aspects, no matter how much easier that is to say. If you don’t you may miss something and lose your cool when it matters most. Divorce can, unfortunately, get expensive, so it is best you do some planning, research, and take some pre-action so you are ahead of the process.

Understand the Law

When it comes to legal things, you are far better equipped if you have some understanding of the process and divorce laws in your area. You will be directly affected by these laws, so it helps if you know where you stand. That way, you can defend yourself. It may be for the best if you get a firm of Lebanese Lawyers on your case. You discuss legalese with them and know exactly where you stand. Also, you will have that much-needed backup when the time comes.

Close Joint Bank Accounts

It’s best you close any joint accounts and open your own as early as possible. That way, you can start building your own banking history. It may also be prudish if you got a history of spending on the joint account and find out if your soon-to-be ex-partner has been overspending and owes any money at all. With that in hand and a separate account, you will be able to start saving your own pot. Also, it may be a good idea to apply for a credit card just for you, so you can create your own credit history. This way, you will be somewhat protected should it turn out your partner is a spendthrift and owes money left, right and centre. In addition, if you have never had a credit card before, it helps you when you need to buy a car or apply for a loan at a future date.

Avoid Debt

Once you have your own account, avoid debt like the plague. You should be trying to save money and prove that you are the one that is good with money. Use cash, not credit, where ever you need to buy something. However, if you are trying to build a credit history, ensure that you only spend money that actually exists in your bank account and pays the credit card bill as soon as the repayment arrives.

Don’t Hide Any Assets

Once the legal process starts, if you have been less than honest about your assets will mean you may have fines to pay, as well as other penalties you may be forced to pay. In addition, and perhaps more importantly, you will also lose credibility in court. So don’t lie -this is actually purgery. Be honest, as this will help you going forward.

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