6 Money moves to make during a divorce

It isn’t simple. Going through a divorce can be an extremely difficult and emotional time and taking care of your finances can be a contentious topic. Your finances may have been combined for some time so you’ll need to take these steps to financially protect yourself.

  1. Seperate bank accounts

    Separate your bank accounts and cancel joint credit cards immediately. You don’t want your partner going in for some retail therapy and then landing you with half the bill.
  2. Questions for the lawyer

    You’ll need to get a divorce lawyer. Start a daily log of any questions you think you will need to ask him or her.
  3. Journal spending

    Start a spending journal detailing your own spending as well as household spending. At some point you’ll be discussing money and how much you’re entitled to in your divorce settlement.
  4. Support structure

    It'll be an emotional process. You’ll need some support so keep in close contact with friends and family.
  5. Signing documents

    Remember not to sign off on anything until you have consulted a legal professional. You don’t want the situation to turn ugly, especially if there are kids involved.
  6. Dividing assets

    Dividing the assets can be tricky, but it’s also one of the most important aspects of a divorce. Be prepared with a list of non-marital assets, obtain accurate values of all assets and don’t forget about pensions, investments and joint debt. Everything needs to be shared equally and fairly.