When couples in Indiana divorce, many are extremely concerned about the impact dissolving their marriage will have on their financial stability. However, there are certain steps divorcing spouses can take before issues like the division of property and child custody are addressed to ensure their best financial interests are protected.
According to Forbes, there are several things divorcing spouses should do to stay organized during the divorce process and to elevate their chances of a positive outcome.
First, spouses should gather any relevant documents related to their bank and brokerage accounts, such as credit card statements, tax returns and mortgage documents, make copies of them and store them in a safety deposit box or entrust them to a friend or family member so that their future ex-spouse cannot take them away and prevent access to them when the documents are needed.
Second, divorcing spouses should monitor their spending and analyze what their income was like during the marriage and what types of expenses they incurred regularly.
Third, those embarking on the divorce process should open new bank accounts and credit cards in their name at an institution where their future ex-spouse does not bank. Spouses who are about to get a divorce who were not the primary source of income during their marriage should make sure that they complete this step while they are still married.
Lastly, divorcing spouses should establish ways to communicate with others privately throughout the course of the process. This may include setting up a new email account, obtaining a post office box for mail or obtaining a new cellphone and contact number.
During the divorce process, those worried about how their finances will be impacted by dissolving their marriage may become extremely discouraged. To prevent this from happening, CBS New recommends that divorcing spouses should: