Can you effectively prepare your finances for a divorce?

On Behalf of | Aug 5, 2019 | Family Law

If you have evidence that your marriage is heading in the direction of getting a divorce in Colorado, one of your first concerns may be how this significant change in your relationship may affect your financial future. A valid concern no doubt, being proactive about protecting your finances, making wise decisions and doing your best to plan ahead are critical moves that can be leveraged to your advantage.

One thing to remember is that making irrational or sudden decisions in regards to your finances can actually get you into legal trouble during a divorce. So long as the proceedings are still underway, any money that you and your spouse have shared up to this point cannot be misused until your divorce is finalized and the courts have clearly determined who gets what.

According to INTUIT, there are a lot of administrative tasks that you will need to oversee as you prepare to live life as a financial independent once again. The sooner you start checking these items off of your list, the more prepared you will be to begin rebuilding your finances. Some of the things you will need to do include the following:

  • Begin tracking your spending and saving habits if you have not done so already.
  • Contact places like the post office, tax office, utility companies and insurance companies to modify your name or create your own personal account.
  • Open your own bank account and discontinue using any shared credit cards or bank accounts.
  • Work with your employer to modify your marital status and benefits.
  • Remove your spouse’s name as a beneficiary on all estate planning documents.

The information in this article is intended for educational purposes only and should not be taken as legal advice.