Sound Advice - Compassionate Counsel - Free Initial Consultation
309-481-2431
Essig Law Office

How can I safeguard my finances in a divorce?

If you are getting a divorce, you are probably aware that a main point of contention will be finances. It is not uncommon for accounts to be emptied or debts to be run up on joint accounts by one spouse. To safeguard yourself against financial ruin, there are some things that you can do.

According to Dummies, you should take steps before you file for divorce to best protect yourself. If you have any joint accounts, including credit cards, you should close those accounts or at least write a letter to the creditor stating you will not be responsible for charges made after the date you will file for divorce.

If you have a joint bank account, you need to remove your portion of the money and put it in an account in your name only. Keep in mind courts will usually split money 50/50 in a divorce, so it is recommended to take only half of what is in a joint bank account. Taking more could actually hurt you during the property division portion of your divorce, reducing what you get in the long term.

It is also important to consider other property and assets. If you feel there is any danger of hostility where your spouse may damage property or assets, then you can take steps to safeguard them. For example, move items somewhere he or she will not be able to access them, such as a storage unit or family member's home. This is general information only and is not intended to provide legal advice.

No Comments

Leave a comment
Comment Information

Our Testimonials

  1. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  2. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  3. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  4. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

Email Us For A Response

We Can Resolve Your Legal Issue

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Essig Law Office

Washington Office 135 Washington Square Washington, IL 61571 Phone: 309-481-2431 Fax: 309-444-1916 Map & Directions

Roanoke Office 313 N. Main Street Roanoke, IL 61561 Phone: 309-481-2431 Fax: 309-444-1916 Map & Directions