When going through a divorce or separation in Pennsylvania, keeping track of your finances and protecting yourself from your estranged spouse’s overspending can be difficult. During this challenging time, here are a few ways to stay on top of your finances and protect your assets.
Gather all your financial documents
Being aware of the intricacies of family law can help you safeguard your finances. Start by gathering your financial documents, so you have a complete picture. This includes bank statements, credit card statements and any other financial records you have. Make sure you have copies of everything and keep them in a safe place.
Open your own bank account
If you don’t already have one, open a bank account in your name and set up your pay deposits into it. This will give you control over your money and make it harder for your spouse to access your funds.
Close joint accounts
Close joint accounts with your spouse as soon as possible, or have the bank remove your name. This will prevent your spouse from using the account to raise debt or spend money without your knowledge.
Get a credit report
Request a copy of your credit report from each of the three major credit reporting agencies. This will give you an idea of what debts and accounts are in your name, and you’ll be able to see if your spouse is running up debt in your name.
Monitor your accounts
Keep an eye on your bank and credit card accounts regularly. By taking an active approach, you can spot any suspicious activity that will allow you to take action if you see anything that worries you.
Educate yourself on personal finance
By consulting a financial advisor or educating yourself, spend some time becoming familiar with your finances. Create a budget and a plan for your finances during and after the divorce. This will help you understand your financial situation and ensure you can protect your assets.
Avoid falling victim to an estranged spouse’s overspending
It’s important to remember that protecting yourself from your estranged spouse’s overspending is an ongoing process, and you’ll need to be vigilant to keep your finances safe. With the proper steps, you can take control of your finances and safeguard your assets during this challenging time.