Protect your financial well-being and future during separation

“Many women often consider getting a marital separation when they’re unsure if they really want to file for a divorce. Protecting yourself from financial harm and having ready access to the financial resources you may need during your divorce is important. If you’re getting divorced or dissolving your civil partnership you may have to act quickly to protect your finances, especially if the break-up is acrimonious. You may not need to take all the steps outlined below, but it’s important that you know your rights and responsibilities.”

Protect your financial well-being and future during separation

Nobody wants to plan for a divorce, but it is vital to protect yourself in the event it happens. Should a divorce be on the horizon, it is important to follow this advice to put yourself in a stronger financial position and shield your relationship with loved ones.

Do gather important financial documents

Collect all of your financial records and deliver copies to your parents or a trusted friend. Also consider keeping them in a safety deposit box that your spouse can’t access. Having all of your records handy will save you time and money as you won’t have to reprint financial documents that your spouse may later try to hide.

Do open a new checking and savings account

It is important to open a new checking and savings account at a bank that is separate from all other joint accounts. Be sure to keep enough money in your new checking account to pay for two months of living expenses and put the rest in an interest-bearing savings account. During your divorce, you will likely need quick access to money to pay a bill or make a down payment, so it is vital not to lock-up your money.

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