Divorce can be stressful for many reasons, but the financial changes it creates may be especially frightening. Splitting assets may leave you with much less flexibility in your budget after the divorce is final. You might also worry that your spouse will start to rack up debt in the meantime to retaliate against you.
To protect yourself from messy financial disputes and to prepare for your new life, you can take action in the early stages of divorce. Although it might take some time and energy, completing a few key steps can save you from debt in the long run.
Even if the divorce seems amicable now, it may turn ugly quickly. It’s likely that you and your spouse held joint accounts and credit cards during your marriage. An angry spouse might drain these resources or use debt against you.