What if I don’t know about my finances?
Being aware of your financial circumstances is a crucial step in feeling informed and prepared for a divorce and what lies ahead. Knowledge is power and preparation is key to your emotional processing during a divorce.
An important first step is running your own credit report to learn what accounts are connected to your name and your social security number. A credit report will also enlighten you with a credit score that will be useful in determining whether obtaining new credit in your name will be possible as it relates to refinancing real estate, obtaining new credit cards, or even being able to lease a rental home in your own name. It is always wise to stay on track of your credit and it is even more important when you are contemplating divorce.
Reviewing your previously filed tax returns will also provide you with information on where accounts are held, whether in your name or your spouse’s name, and the various sources of income from all sources, as well as deductions or income losses that are claimed. If you don’t know how to get a copy of your tax return or are concerned about asking your spouse, then reach out to your accountant directly for a copy.
If you are concerned that your spouse has access to your social security number and can open debt in your name without your knowledge then considering freezing your credit or alerting your primary banks of a pending divorce so that a note can be put in your file. In certain cases it may also be necessary to freeze the credit in your children’s name if there is concern of a spouse secreting debt or hiding expenses.
Obtaining and reviewing this information can be daunting and overwhelming. Alexander Law can obtain the information through the court process if you are unable to gain access to tax returns and bank accounts. Alexander Law can also review the documentation with you and direct you on the path to greater financial knowledge through the divorce process and thereafter by connecting you with financial advisors and planners.
