Surviving a divorce financially

Divorce can be expensive, and unless it’s an incredibly amicable split, you will need to get the legal experts involved to ensure you get your fair share of money. It can also be a lengthy process, so while it’s all being worked out, here are a few tips to help you survive and keep your sanity intact.

Put a stop on joint cards

Any credit cards in both names should be stopped and you will need to work out how to clear any outstanding debt.

Contact your bank

If you have a joint account, you should contact your bank. Your partner may decide to clear the account of funds or run up an overdraft and your bank can recommend how to structure your account so you’re not overly affected. It may be necessary to freeze the account or implement joint signatures for any withdrawals.

Protect your assets

Apply to the court for an order to prevent your ex-partner from selling any property or assets.

Get your own account

If you don’t have a bank account of your own, open one. You will need to be come financially independent and you probably don’t want your ex-partner seeing everything that is going in and out of your account.

Update your will

Don’t delay updating your will, especially if your ex is a beneficiary. And if you don’t have a will, get one drawn up.

Pay your debts

You’re responsible for all debts in your name, even joint debt so if your ex stops paying, you will need to stump up the whole amount or risk a poor credit rating.

Do you have any other suggestions? Have you survived a divorce and know a few (legal) ways to keep your money safe?

Written by Debbie McTaggart



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