If you and your spouse have decided to get a divorce, you may worry about how you will live without a joint income. This may take some time to get used to and you may even need to adjust your lifestyle.
If you and your spouse argued about money, you are similar to 48% of Americans married or living with a partner, according to a study conducted by The Cashlorette. As you prepare to go through the divorce process and settle your finances as part of this process with your spouse, the following tips can help you protect yourself.
Start new accounts
If you and your spouse shared joint checking and savings accounts, open new financial accounts in your name only. You should also adjust any car insurance policies or other insurance policies to reflect your new status as a single person.
Assess your finances
Figure out which assets you own outright and which assets the court may view as joint property. Make copies of any credit card accounts, home equity lines, business debts and past tax returns with your name on them and keep them with your files.
Create a new budget
As you prepare to live life as a newly single person, determine what your budget will look like. You should also figure out what level of income you will need to maintain your current lifestyle.
You may have concerns about what your finances will look like once you conclude the divorce process. Familiarize yourself with your financial situation and prepare to stand up for yourself during your divorce to protect your interests.