Financial tips for women who are divorcing

The month of January tends to see more people filing for divorce than any other time of the year. The timing may be the result of a personal resolution to make a fresh start in the new year. It could be based on practical considerations, such as tax filing status. Whatever the reason, a woman planning to file for divorce in 2013 is well-advised to take some year-end steps to ensure a smooth process.

First, gather your financial documents. The end of the year is a great time to collect year-end bank, credit card and other financial statements. Make copies of these documents and store them in a safe place to avoid the hassle of gathering them later. Be vigilant for discrepancies that could mean your spouse is hiding assets. Also keep a close eye on credit card statements for any suspicious-looking charges, like gifts your husband may be purchasing for another woman. Obtain a copy of your credit report. If it contains any misinformation, correct it. Good credit will be important to your financial future as a single woman.

Next, open bank accounts in your own name, ideally at a different financial institution than where you have joint accounts with your spouse. Also, apply for credit cards in your own name. If you don’t work, new regulatory changes will make it easier for you to obtain credit based on total household income.

Finally, begin to assemble your divorce team. Research divorce professionals who can help you navigate complex legal and financial issues. The cornerstone of your team will be a qualified divorce attorney. The attorney can help you identify the other experts you will need, including a financial planner and even a counselor.

Source: Forbes, “Five Best Financial Tips for Women Divorcing in 2013,” Jeff Landers, Dec. 18, 2012