Picking up from where 6 Divorce Planning Tips to Facilitate Your Upcoming Divorce (Pt. 1) left off, here, we will present a few more tips that can help you get ready for an impending divorce.

More Essential Divorce Planning Tips

Tip #3 – Set up accounts in your own name.

Opening up your own accounts and closing joint credit lines are two divorce planning tips that can help you significantly.

Opening up your own accounts and closing joint credit lines are two divorce planning tips that can help you significantly.

If all of your financial accounts are set up in your and your spouse’s names, then another important divorce planning step to take can be to set up individual accounts in your own name. At the very least, getting checking and savings accounts in your name can be crucial as this step can:

  • Help you start putting some money aside, as it’s generally advisable to save up enough money to cover your living expenses and other needs for at least few months while your divorce is pending (and while your joint accounts may be inaccessible)
  • Help you avoid having your funds drained by a soon-to-be ex, as it’s quite possible that the topic of divorce may incite people to start draining mutual bank accounts (and/or trying to hide away other marital assets).

Tip #4 – Close joint lines of credit.

Just as you start to set up some accounts of your own, it can also be a wise move during the divorce planning process to close any joint lines of credit you and your partner may share (if possible). The primary reason that closing these shared lines of credit is important is that it can prevent your partner from running up more debt immediately before your divorce.

In fact, if you don’t end up closing these lines of credit (for whatever reason) and your divorce starts to turn bad, your partner may try to max out your available credit in an effort to:

  • Intensify any money struggles you may experience as your divorce proceeds (as you won’t be able to rely on maxed out lines of credit)
  • Try to screw up your credit and further “get back” at you in divorce
  • Maybe even put you in a position where you can’t afford to retain a lawyer (which, again, could be a motive of a bitter ex).

We’ll point out some final divorce planning tips in the conclusion to this blog series that will be posted soon – don’t miss it!

Centennial Divorce Lawyer at the Law Office of Bruce H. Rabun, LLC

When you are you considering divorce, you can turn to experienced Centennial Divorce Attorney Bruce H. Rabun to provide you with caring, aggressive representation and the highest quality legal services.

When you trust your case to Centennial Divorce Lawyer Bruce H. Rabun, you can be confident that he will work diligently and relentlessly to fight for your rights and help you successfully resolve your family law issues while preserving what is most important to you.

You can schedule a meeting with Bruce H. Rabun by calling (303) 221-7899 or by emailing our firm using the contact form on this page. From our office in Centennial, we represent people throughout the Denver metro areas, Arapahoe County, Douglas County and Jefferson County.

Categories: Blog, Divorce, Family Law, Planning/Preparing for Divorce