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What are some crucial steps to take during a divorce?

On Behalf of | Feb 2, 2022 | Divorce

Indiana residents who are going through a divorce should have a checklist of things for which to prepare. These are some crucial steps you should take during this time.

Determine whether you can avoid going to court

It’s much easier to get a divorce through mediation or collaboration. If you are able to work together in a civil manner and come to an agreement on the biggest issues, you might want to consider these alternatives to traditional divorce.

Close your joint finance accounts

Many spouses have joint finance accounts. If you have one, now is the time to close it. It helps to prevent a potential spending spree from your spouse if your divorce is less than amicable. Paying some of the balance owed on the account can help, but you might want to draft a settlement negotiation letter to the creditor. If the creditor disagrees, you might want to have the account frozen to prevent your spouse from touching it.

Open new accounts and tackle others

The next step you should take is to open new accounts in your name alone. Open new bank and credit accounts and keep abreast of your finances. If you share health insurance with your spouse, you will have to break free and get your own coverage.

If you have digital accounts that you’ve long shared with your spouse, you should update those so that only you can access them. Change the passwords and billing information if possible. If there are any accounts you no longer wish to use, you can close them. Any you keep should be accessible only to you.

Update your documents

Updating all your estate planning documents is important during a divorce. Change your beneficiaries on your will, trust and IRA or 401(k) accounts and life insurance.