Marriage started with the expectation of spending a life together, but as reality takes its toll, a situation unfolds where one spouse is muted in a marriage. Sadly, this is not a rare occasion, but one of the main reasons people seek a divorce from a controlling spouse.
If you find yourself feeling frustration for lack of control in marriage financial decisions, and divorce from your controlling partner is looming, you can begin the divorce process with the help SLC divorce attorney David Pedrazas. But first, here are seven financial steps to take care of yourself during a divorce.
1. Start Dividing Your Non-Marital Assets from Marital Assets
One of the best ways to start separating and protecting your non-marital assets is by a traceable paper trail. Many times, non-marital assets are mixed in with marital assets. Courts can then stop you from claiming these non-marital assets and having documents or transactions as evidence of these non-marital assets will help you claim your assets back.
Assets considered non-marital assets are those that were acquired before marriage or given solely to you during your marriage. Property presumed to be non-marital assets and will not be subject to allocation in a divorce are:
- Valuables obtained by inheritance
- Valuables obtained in exchange for valuables before the marriage
- Valuables exempt through valid agreement with your spouse
- Valuables obtained before the marriage
- Valuables are given to one spouse vs. the couple
2. Build Your Own Credit History
If you were dependent on your spouse and were never able to build a history of a good credit score, it’s important to start doing so. These days to obtain assets, companies look at your credit score to determine if you’re qualified for:
- Credit cards
- A new car
- A loan for a home
- Internet, cell phone, and gas hookups sometimes ask for your credit history
After your divorce, if you do decide to move out of your home, having a good credit history is essential if you plan to move into an apartment and apply for insurance for a new car or home. Landlords and companies look at your credit score to determine to accept or reject you.
3. Reduce Your Spending to Save Money and Time
If you plan to divorce your partner and have outstanding debt, mortgages/loans, and assets, it is best to reduce your spending by not purchasing costly items. Keep in mind, purchasing expensive items will only add to the amount of time a judge and lawyer will have to spend in separating those items from your marital assets. This will only cause you more stress, time and money in the divorce process so it is best to cut down on spending.
4. Maintain and Follow Your Financial Accounts
Whether you and your spouse have separate or joint checking and savings accounts, it is important and useful to have a record of all of your financial accounts. One of the common things we see during a divorce process is evidence of financial records disappearing or hidden and leaving an uncertainty of assets entitled to you. Prevent this from happening by taking the step to save financial statements, tax returns, and receipts to make sure you receive your monetary assets.
5. Social Security Benefits
If your household was a single income family, meaning one spouse was in the workforce and you have not worked or were not in the workforce long enough to qualify for Social Security Benefits, you may still be able to qualify for these benefits through your spouse. If you don’t qualify for Social Security Benefits, but were married for 10 years to someone who does qualify and you become divorce and did not remarry, then you may qualify for Social Security income at age 62. If you are the non-working spouse and are nearing the 10-year mark of your marriage, it is best to wait so you are able to claim these benefits.
6. Begin Closing Accounts Used by You and Your Partner
If divorce is anticipated by you and your spouse, then it is crucial to start taking financial action on your joint accounts and continue tracking financial records on your behalf. Consider all the different accounts and ways your spouse can incur debt, withdraw money, and purchase items.
From here, freeze and close any joint accounts to keep track of your monetary assets or prevent your spouse from incurring debt that could potentially hold you responsible in the divorce proceedings. If for any reason you do need to withdraw money from your joint accounts and as we mentioned in our fourth item on this list, keep a financial record of this transaction with the thought that you will most likely have to provide a statement in the divorce proceedings. We cannot stress the importance to continue to follow this action when dealing with any assets.
7. Contact an Experienced, Professional Divorce Attorney
Divorce proceedings is a web of confusion involving a lot of moving parts of information and laws which most people don’t know how to navigate through. To get the most out of your divorce, it is in your best interest to meet with a knowledgeable divorce lawyer such as SLC divorce attorney, David Pedrazas, who has over a decade of divorce practice. Here are the many benefits of consulting and hiring experienced divorce attorney, David Pedrazas:
- He will walk you through the divorce process to make it as easy as possible to achieve a resolution that meets your needs.
- He will help to protect your rights and assets
- He will make sure you avoid mistakes so you can claim your assets back
- He will be aggressive in fighting for what is legitimately yours.
Contact Salt Lake City, Utah Divorce Attorney David Pedrazas to Start Protecting Your Financial Assets
Going through a divorce is no easy task financially and emotionally. What started as a journey of two people coming together in a lifelong commitment has turned into one of life’s messiest situations. If divorce is imminent in your marriage and you need help to start protecting your financial assets, consult with your divorce attorney, David Pedrazas at the Law Office of David Pedrazas.
David has dealt with over 1,000 cases of divorce and family law cases and is prepared to handle your divorce issues with commitment, compassion, and quality representation. For an aggressive and quality divorce attorney, contact SLC divorce attorney David Pedrazas at 801-263-7078 for a free case evaluation today.