What to Do With Liquid Funds & Savings During Your Divorce
Divorces can be financially crippling for both you and your spouse. Thus, knowing what to do in the first place and then doing it are two important steps that you can take to financially protect yourself. A well-respected and knowledgeable Ventura County family lawyer will be able to serve as a lawyer and counselor at law and is familiar with guiding you through these difficult and emotional times. Follow these simple guidelines with respect to your liquid funds and savings to keep the financial end of things clear-cut once a divorce has been set in motion. With respect to your savings accounts, ask your divorce and family lawyers about steps you can take in Family Court to freeze all of your joint investment accounts to prevent the withdrawal of cash or loans being taken against the cash. Additionally, if your spouse has a retirement account, it is imperative for you to obtain all current statements and copies of the plan description. A family lawyer can help you obtain these documents even if your spouse is uncooperative. With respect to your liquid funds, you need to do the following:
- Ask your family lawyer about your right to open a separate checking account, as this is crucial to your financial well-being.
- Make sure you keep some cash on hand, since divorce proceedings can prevent you access to your bank accounts and/or credit cards that are under both spouses’ names.
- Attempt to come to a resolution on the best way to handle your joint bank accounts; the best resolution is to close the joint accounts and split the assets.
- Ask your family lawyer about the proper timing and method for closing credit cards that are in both of your names. You should also seek advice about transferring balances to your individual credit cards or pay off the debts. Consider proper means to acquire a credit report to verify that your ex spouse is not charging debt in your name with a forgotten account.
During your marriage, you and your spouse may have shared most of your finances. But now that you are filing for divorce, you may wonder about how your divorce will affect your finances. Lisa Zonder, experienced Ventura County family lawyer, may be able to advise you on how your finances may be affected by divorce and what you can do to protect yourself from your spouse’s debt by securing your assets. Call today for an initial consultation.