Going through a divorce can be stressful, but sometimes, it is the best choice a couple can make, not only for themselves, but for their children as well. If you are the breadwinner in your family, you may worry that your spouse will seek crippling alimony payments, or that your paycheck simply cannot sustain two households. You may also have concerns about child custody. The experienced Towson divorce lawyers at Huesman, Jones & Miles are prepared to help you work out all of these issues.
Generally speaking, if you do not have children, your divorce will be about income and assets, including any properties you own. If your separation is contentious, conversations about division of assets may be drawn out and unpleasant. Collecting all your financial documents is a great first step. Most states require both divorcing parties to disclose all their assets and income. If you are the one who has moved out of the marital home, you may have lost access to these critical documents. If possible, make copies of every financial document you have prior to initiating a divorce. Include the following:
- Tax returns
- Pay stubs
- Loan applications
- Real estate deeds
- Bank statements
- Life insurance policies
- Health insurance
- Business tax returns
- Credit card statements
Managing Finances for the Primary Earner
Another important step to take in preparing for divorce is to open your own bank account. If you receive direct deposit to a jointly held account, change your recipient account to a new individual one.
If you were the sole applicant for any jointly held credit cards, be aware that a spurned ex may attempt to damage your credit and run charges up on your card. Depending on your circumstances, you may want to consider canceling their card. However, if you have a jointly held card (that you both applied for together), you may want to simply apply a spending limit instead of canceling the card completely. This way, your spouse can still make routine charges for household expenses.
It is also advisable to change all of your online passwords and user ids, especially for bank accounts, credit cards, and shopping websites. Your spouse will have all of your personal information, and as a result, may even be able to reset your password themselves. Take extra precaution by changing the email associated with the account.
Finally, revise your will and life insurance policy as soon as possible. If your spouse is named as your medical power of attorney, they may even have say over your medical treatment until you revise your documents.
Towson Divorce Lawyers at Huesman, Jones & Miles, LLC Help Individuals Prepare for High Asset Divorce
If you are contemplating divorce, the experienced Towson divorce lawyers at Huesman, Jones & Miles can help you begin preparing right away. To discuss your case, call us at 443-589-0150 or contact us online today. With offices located in Hunt Valley, Pikesville, and Towson, we represent people going through a divorce in Baltimore County, Harford County, Carroll County, and Howard County, including Towson, Essex, Columbia, and Bel Air.