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4 financial tips to prepare for divorce

Divorce is never an easy process. This is especially true when you are not separating on amicable terms. For couples that have children, this could mean a lengthy custody battle in court. For those that have accumulated significant wealth, this could mean a fight over the assets acquired during your marriage. Complex divorces that include high-value assets often require the help of professionals in the finance and accounting sectors in order to determine value and prepare for any tax consequences that result from dividing the debt and assets.

Another source of help when you are planning to divorce is an experienced family law attorney in the Minneapolis area. Since a local divorce attorney is familiar with Minnesota laws concerning marital property division, this is a good place to start in order to put protections into place to ensure you do not find yourself suffering an economic hardship when you and your husband finalize your divorce. Read further for four tips that can help you protect your assets while you prepare for divorce.

Open a separate account

If you do not already have a separate solely owned bank account from your husband, it is time to open one. Keeping your money separate from your husband's will go a long way to keep it in your hands when the court finalizes your divorce. In addition, it will also protect the money from his spending habits in case he decides to make some large purchases during the divorce process.

Legally separate

Take the necessary steps to make your separation legal. By filing for legal separation, you can protect the income you earn after the date of separation. This will limit your husband's ability to claim any portion of it as marital property. A common way to establish legal separation is by moving into another residence. Physically removing yourself from the marriage usually provides a solid separation date.

Get credit in your name

If all of your credit accounts are joint, it is time to apply for your own credit card. Furthermore, do not list your spouse as an authorized signer on the account. Use this card minimally in order to build credit in your own name without creating debt you cannot manage.

Keep a low profile

Before you start divorce proceedings and during the process, try to keep a low profile. This means you should avoid becoming involved in another relationship, even casually. Furthermore, learn to love quiet evenings at home. Avoid late night outings with the girls that could cause the court to question your motives and judgment. Also, stay mum on the subject of your husband. Do not speak ill of him or take any actions that may be interpreted as you causing problems.

If you are considering divorce, it is time to start taking steps to protect your financial situation. You are about to transition from living as a couple to having sole responsibility for your finances. Get the help you need to make preparations by contacting an experienced divorce attorney in the Minneapolis area.

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