No one enters into a marriage thinking the relationship may one day end. However, many Washington marriages do end in divorce, and if yours is among them, you may find that your financial outlook looks decidedly different once you move forward with life on your own.
Because you no longer have your partner to rely on, you may want to consider taking certain steps to position yourself well financially in the future. What are some of the steps you might take to protect your financial interests during divorce?
1. Separate your financial accounts
It is wise to separate your finances as much as possible as soon as you know your marriage is ending. Separate your bank account from that of your ex-spouse to avoid him or her potentially draining what is in there. Also, you may want to close any shared credit cards you have and open new ones in your name only.
2. Enlist the help of a forensic accountant
Once your divorce becomes final, you have limited options. So, you may want to have a forensic accountant help you maximize your takeaway in your split. A forensic accountant may help you with everything from identifying hidden assets or sources of income to determining the value of certain assets.
3. Update your life insurance beneficiary
If, during your marriage, you named your husband or wife the beneficiary of your life insurance policy, you may want to change this designation once you part ways.
While these are three important steps that may help you protect your finances when you divorce, this is not an exhaustive list of all tactics you may use to do so.