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Protecting Your Financial Health through Divorce

By Heather Baker-Mushkatel on

a couple thinking about getting a divorce

When two spouses begin the divorce process, they may be surprised by the financial issues involved. In many ways, divorce is similar to splitting up a business partnership. Although the personal emotions run deeper, the financial side of divorce can and should be handled with the same measured approach one would use in a business arrangement. An experienced attorney can help you separate the emotional turmoil from the financial issues.

Protecting your financial health is vital when enduring a divorce. Here are a few ways you may help protect assets and minimize debts to preserve the best possible financial footing as move forward on your own:

  • Know where your assets and liabilities are. You should know the location, identifying information, and approximate balances in all bank accounts, investments, insurance policies, mortgages, credit cards, and other loans. The more information you have about your financial situation, the better you can protect your interests during divorce settlement negotiations or at trial.
  • Separate your accounts and divide the cash. If possible, work with your spouse to set up separate bank accounts, credit cards, and other accounts. This step is especially important if you will be living separately during the divorce process.
  • Check your credit. Obtain a free copy of your credit report online from any of the three major credit reporting bureaus. Separate or cancel joint accounts, and alert any creditors about your upcoming divorce. Your attorney can help you handle these steps.

At Mushkatel, Robbins & Becker, PLLC, our experienced Arizona family law attorneys can help you work through the financial issues that inevitably accompany divorce. We will help you protect your rights so that you can get a clean start. Contact us today for a free and confidential consultation.