New Jersey residents often feel frazzled when their marriage is ending. While you might not know what to do first, it’s important to take certain steps when preparing for divorce.
Gather your financial records
You should immediately gather all of your financial records. Keep them neat, organized and stored in a file cabinet or even in a safe deposit box.
Save money for legal fees
Make sure you put money aside for legal fees and other miscellaneous costs you’ll have to pay during the divorce. This can help you be better prepared in the event that your spouse tries to cut you off from any joint financial accounts you both hold. The sooner you start doing this, the better.
Open new bank accounts
If all you have are joint savings and checking accounts, now is the time to open new ones in your name only. You may have to withdraw half of the money in both current accounts. However, in some cases, you might have to add money from scratch from your own earnings.
Open new credit card accounts
Depending on the circumstances surrounding your impending divorce, you might want to close any joint credit accounts you and your spouse hold. For example, if your spouse has been cheating on you, it’s a good idea to close the account if they were spending on the card for the benefit of the other person. However, even if you don’t have this problem and your spouse isn’t vindictive, you should still open new credit card accounts in your name alone.
Change your beneficiaries
Change your beneficiaries on any insurance policies, mutual funds and estate planning documents. With the divorce, you will likely not want your former spouse to inherit your assets and property.