Even when the split is mutually agreed upon, divorce is rarely easy. Along with the emotional turmoil most people experience, divorce can also cause quite a few financial concerns.
That is why it is so important to financially prepare for your divorce by taking the right steps. Here are a few things you can do to preserve your financial wellness.
Keep track of shared accounts
You and your soon-to-be-ex may need to continue using shared funds until the end of the divorce process. In this case, tracking shared accounts is crucial to the outcome of the proceedings. If your spouse spends shared money frivolously, the court will want to know about it. Things like bank statements from shared accounts are ideal in this regard, as they establish spending patterns leading up to the divorce.
Consider Social Security benefits
You may be eligible to receive some of your spouse’s Social Security benefits depending on the length of your marriage. Access to benefits can be extremely helpful in the aftermath of a divorce, as they can help you get back on your feet financially as you deal with asset division and spousal support decrees. In many instances, a spouse may receive benefits from their ex if the marriage lasted ten years or longer.
Apply for your own credit card
In addition to ensuring financial stability post-divorce, you must also begin rebuilding your credit history. This entails getting a credit card in your own name, especially if you share your current cards with your ex. It is often easier to secure credit leading up to divorce, as changes to your financial status can make it more challenging afterward.
By taking a careful approach, you can pursue a bright financial future going forward. This is key to building a happy and fulfilled life, both personally and financially.