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4 tips for protecting your assets during divorce

If you are heading for an impending divorce, you have a lot of things on your mind. While going through a divorce is emotionally difficult, it is crucial to not forget about the big picture. You must take steps to protect yourself and your future. 

Safeguarding your assets is an important pursuit as divorce becomes inevitable. Here is a guide for getting your finances in order to protect your money while divorcing.

1. Open individual accounts

It is imperative for you to separate your finances from your spouse as soon as possible. Freeze or close any joint credit card or bank accounts so you do not become liable for any spending sprees or new debts by your soon-to-be ex-spouse. Opening your own bank account and applying for an individual credit card will help divide your finances and unlink you from joint debts.

2. Take note of your assets and debts

You will need a clear picture of all individual and joint assets. Make copies of any credit card statements, loans, tax returns, home equity lines and business debts. This will help you understand where all your money is so the property division process will go smoother.

3. Be ready to share retirement funds

Just because only your name is on your IRA or 401(k) does not mean your spouse will not get part of it. The courts often designate these accounts as marital property and will probably split them. Prepare to fight for your interest in these retirement funds and negotiate accordingly.

4. Be rational

According to CNBC, an important way to protect your finances during divorce is not sweating the small stuff. Avoid overvaluing your assets out of emotional attachment. Rely on professional appraisals so you do not end up with a financial disadvantage.

Dealing with your finances in a divorce is complex, but if you adhere to these guidelines and get help from a divorce attorney, you can make it through without losing everything.

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