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How to protect finances in the event of divorce

Although it is not uncommon to get a divorce, it can still catch some people off-guard when their spouse asks for one. Many people here in Kentucky may focus on the emotional ramifications, which is understandable, but experts say it’s crucial to think about finances as well.

Fortunately, those same experts have several suggestions on what to do to protect one’s personal finances in the event of divorce.

Protecting your finances

First, there are several things a person can do that could impact finances directly. It is a good idea for those getting a divorce to pull their credit report and continually monitor it for any changes or unexpected accounts.

Closing joint accounts and changing savings accounts to require two signatures for withdrawals can also save a lot of headaches. Couples also need to determine what portion of the marital assets they are entitled to, including assets such as property, retirement accounts and more.

There are a few other recommendations that may have a more indirect impact on finances. The first is to attempt to be on good terms with one’s soon-to-be ex-spouse if at all possible. Continual arguments over small problems will only draw out the divorce process. Those with children also need to carefully discuss the divorce with them, reassuring them that they did not cause the divorce and listening to their concerns.

The final piece of advice may be the most important. It is imperative to choose a competent and trustworthy attorney. Working with an experienced family law attorney here in Kentucky can make all the difference in a divorce settlement. An attorney can also make referrals for other necessary divorce professionals, like a financial advisor.