So it has come to the ugly “D” word.

No one in their right mind enters a marriage with that word tucked somewhere in the back of their heads. Following a fairytale wedding, no one really ever wants to prepare for divorce.  It is imperative then that when it hits, the parties can be ill-prepared for such a catastrophe.

Statistics show that a woman stands to lose the most financially from a divorce. In fact her standard of living will drop by about thirty percent in the first year following the divorce. To best prepare for divorce, follow these tips to keep your finances in the clear:

1.    Say Freeze! If you have a joint account with your spouse, it is time to call your credit card company. You surely don’t want to be partly responsible for the new charges your soon to be ex-husband makes on your behalf. Prepare for divorce wisely by staying one step ahead.

2.    Get your own credit cards. To improve your chances of applying for loans post-divorce, you must have your own credit history. Now that you will be on your own, you must prepare for divorce by being responsible for your own finances again.

3.    Hold on to your non-martial assets. Identify which of your assets are non-marital or not shared and belong to you. These will remain in your possession after the divorce. Non-marital assets usually consist of the belongings you owned before the marriage, your inherited assets, gifts made to you and not to the family, and compensation from personal injury.

4.    Stay put! As much as possible, try to stay in your residence even as the divorce rolls along. If you up and relocate, you may decrease your chances of being awarded child custody or keeping your home after the divorce. Prepare for divorce by knowing when to go and when to stay.

5.    Record your assets. Take a video and pictures of your home and all its assets. When one of the spouses end up relocating during or before the divorce proceedings, these assets may be difficult to recall. It is best that you have photographic evidence of your assets.

Divorce is hard enough as it is. Prepare for divorce wisely, and you will save yourself from a lot trouble. Follow these tips to keep ahead of the game and protect your hard-earned property and cash.


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