Divorce proceedings can be easy or complicated depending on the given situation. If you are going through a divorce in New Hampshire, it is important to learn what you need to do to secure your finances. One of the main disagreements during a divorce is finances so you want to take the appropriate measures to ensure your credit as well as assets are secure. Below are a few quick tips to help you with preparing your finances for divorce.
Gather Financial Information
To begin, you will need to gather all information associated with your financial records. It is best to go back as far as five years to have information that can be used in your favor. These documents will include but not be limited to: tax returns, benefits data, payroll stubs, bank statements, retirement account statements, property information and investment accounts. Take time to make copies of this information and keep the paperwork outside of the home. You can do this with a safe deposit box or hand it over to a family member for safe keeping. The evidence of financial information will help to speed up the divorce proceedings, and have accurate information to give the court.
Asset Inventory
As you gather your financial information, write down your assets. Items that would be considered separate property would include items you may have owned before the marriage or inheritances. Take photos of any items so you have a physical record.
Cut Back on Expenses
A divorce can get expensive, especially if you consider court costs as well as the division of funds between you and your soon-to-be ex. Cut back any way you can on expenses such as dining out or shopping. You will need money in the future to find an apartment or purchase a new home as well as for a vehicle or other expenses. Save now so you can easily take care of what you might need to in the future.
Credit Report Monitoring and Individual Bank Accounts
Two important steps that need to be considered are your credit score and bank accounts. Prior to filing a divorce, you should keep track of your credit score as well as open an individual bank account and credit card. This will help to ensure that your paychecks are not spent on anything you do not authorize. Next, be sure to keep track of your credit report before and sometime after the divorce. When there is anger and hurt involved in a divorce, people can do things out of character. You may find that your soon to be ex-spouse makes a big purchase without your knowledge in your name or with funds in a joint account. Setting up your own account and checking your score can save you a lot of frustration in the future.
Overall, it is important to discuss your financial situation with an experienced New Hampshire attorney. An experienced divorce attorney in New Hampshire understands what decisions you need to make financially to ensure your credit is not affected in a negative manner. Consult with an attorney to find out exactly what you need to do for your individual divorce situation.