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What should I do financially before filing for divorce?

Divorce can be very difficult on you financially. If you are expecting a divorce, you may go through serious financial difficulties during and after the process. To best prepare yourself for handling the trouble that may come from separating from your spouse, you should plan ahead and be prepared to handle whatever may happen.

Money Talks News reports that you should be aware of what will happen after the divorce is final when it comes to taxes. You will be in a different tax bracket, now filing as single. To avoid a shock when tax season rolls around, you need to consult with an accountant to ensure your withholding information is updated and to discuss any other changes, such as payment of alimony.

Divorce can affect many areas of your life - your children, your home and your finances.  Its important to get a clear picture at the begining so you can plan for these changes so that your interest are protected.

To protect your financial future, you also need to think about your credit. It is common for credit ratings to be dragged through the mud due to a divorce. If you want to safeguard yours, then you should try to close any joint accounts before filing with the court. If you have already filed, you should wrap up any joint accounts quickly. This may mean refinancing or paying off debts.

If possible, you should also close any joint bank accounts and open one of your own. If you have a joint account, you should be able to take your name off it and withdraw funds. Typically, it is advisable to remove only half of the funds in a shared account even if you feel entitled to more. This is because the court will see it as jointly owned money awarded to you both in a 50/50 split. This is general information only and is not intended to provide legal advice.

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