3 Simple Ways to Protect Yourself in a Divorce

Filing for a divorce is a major decision for your personal life, but it can have severe implications in your financial and professional life as well, if you don’t take steps to protect your investments and your best interests.

While it’s crucial that you keep the proceedings of your divorce as mutually amicable as possible, you can never be too sure about the other person’s motives. It’s imperative that you act quickly to guard yourself so you can have a cordial permanent separation from your former spouse.

Three Important Steps to Take Before You Begin Your Divorce Proceedings

Step#1 – Find a Solicitor

Never approach any legal matter without a solicitor present. Hire an expert divorce solicitor as soon as you’re sure you want a divorce and tell them all the details of your case. This is especially important because you need to organise your affairs and iron out any problems financially. You must also use their assistance if you have children since you’ll need an expert to represent you in custody hearings.

Bring in all documents such as your bank statements and pension plans, insurance copies and mortgage documents – anything that indicates your comprehensive financial details.

If you’re seeking a divorce due to an abusive partner, ask your solicitor before leaving the premises. You need to look after your own safety and make the right decisions. You need necessary backup if you want to leave your spouse, otherwise taking any drastic step may put your life in danger.

Step#2: Take Action and Protect Your Assets

This step ensures that there are no hidden assets and that all financial investments are protected during the time of separation.

– Get an Injunction

If you think your spouse has hidden assets or is trying to move them before the divorce goes through, get an injunction to stop this from happening. Although expensive, this step will allow you to know your spouse’s true financial situation and the money you have a right to.

– Freeze any Joint Bank Accounts

This is especially important if there is a dispute between both parties. If you both share a bank account or credit card, freezing them will ensure that you’re not held liable for any outstanding debts. If not done quickly, your partner would be able to withdraw money from the account without you knowing and that could lead to problems.

– Cancel any Joint Overdrafts

Similar to the above case, if you and your spouse have a joint overdraft, your bank could go after you separately or together so you can repay the amount. Contact the bank right away to cancel the overdraft and inform them about the nature of your condition.

– Sever the Joint Tenancy Agreement

Your property is your greatest asset at the moment. If you’re both joint tenants and something were to happen to you during the divorce proceedings, your share of the property would go to your partner, no matter what the will says. Protect your share by severing the joint tenancy agreement. Your solicitor will inform you of the proceedings involved in doing so.

Step#3: Make or Update Your Will

Regardless of your marriage status, if you pass away before your divorce is granted, your estranged spouse will inherit whatever is in their name. If you pass away and there is no will, your spouse will inherit all of your personal property, half of your balance and more. In many cases, this means they’ll inherit all that you own, especially if you don’t have any surviving children or future grandchildren.

Also, if the will has not been updated and your ex-spouse is still marked as the executor or beneficiary, this would cause the inheritance given to your ex-spouse to go to no one. This in turn will make things quite hectic and lengthy to solve.

Ask Your Solicitor for Help

These steps are for your protection. However, if you’re overwhelmed by the process, you can always ask your solicitor to help you.

Wembley Solicitors in UK have the expertise and experience necessary to advice you on all legal separation and divorce matters. To get our help, contact our London office at 020 3417 3700 and make an appointment with a legal expert.