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Financial
Self-Defense... Page 3
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5)
Inventory Assets and Liabilities. Make a sheet listing the assets you and your
husband own individually and jointly. Determine which items you bought together,
separately, or prior to the marriage. Make a record for each. The list should include
types of income and other assets like investments, retirement funds, and savings accounts
(see above).
Now make a list of your liabilities. Again, separate them according to type of debt and
method of ownership. Include any household or personal expenses that you normally incur
each month.
Be as accurate as you can with these lists. They will help you negotiate alimony, child
support, and property division during your divorce settlement.
6) Open a Separate Bank Account.
Establish a separate checking or savings account if you think divorce is inevitable.
Having an active account will improve your credit history and allow you to borrow as a
single person when the time comes. You might want to shift money from your joint accounts
into this new account depending on your attorney's advice.
7) Size up Your Lifestyle. Your current lifestyle is about to change
dramatically. Living apart from your spouse is likely to be more expensive than your
previous arrangement. You are each going to have your own residences to maintain. Your own
insurance. You own car payments. And one of you will also have the added burden of paying
child support and/or alimony. Begin by making a list of your current expenses. Determine
which ones are necessary and which ones are optional. You'll improve your financial
situation if you cut back on excessive spending patterns.
8) Get Insurance. If you get divorced, your insurance coverage will
probably be affected. If you are covered under your husband's plan at work, you will need
to get a copy of his benefits statement. Find out what type of health, life, and disability insurance you and your husband have.
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