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What moves can help you stay financially stable during a divorce?

On Behalf of | Jan 4, 2021 | Divorce |

While financial issues can break a marriage, they can also become a bigger hassle during a divorce. When going through the divorce process, there are a few moves that you need to make to ensure your financial stability.

U.S. News explains how to protect your finances.

Organize all your financial documents

During a divorce, you must pay extra attention to your financial portfolio. List all your shared accounts and individual accounts. When it comes to shared accounts, you need to know which accounts you may still have access to when the divorce process begins.

When looking at your financial portfolio, consider your Social Security and your retirement funds. A divorce can change your future finances. If you and your spouse remained married for 10 years, you may receive Social Security benefits from your former spouse. Divorce can also affect retirement accounts and so you may have to adjust your retirement plans.

Document all your expenses

When married, you become accustomed to shared income. During the divorce, you need to remain careful about your spending. Create a budget and stick to it. Monitor and document all your expenses and spending habits. If you continue to share an account throughout the process, watch you and your spouse’s spending habits.

Apply for separate checking or credit card accounts

Since you may have less income, you need to open your credit card and checking account. Credit cards can help you get through the financial struggles that may occur early in the divorce process. While you must continue to save money, you also need access to your income outside of your spouse.