How To Protect Your Financial Situation From The Very Start in Your Separation or Divorce!

How To Protect Your Financial Situation From The Very Start in Your Separation or Divorce!

If you really want to protect your financial situation from the very beginning of your separation or divorce, you need to take certain actions now before you running into any serious problems.

I will discuss what actions you should take from the very start of your separation or divorce to protect your money and finances in this video.

Hi, my name is Thomas O’Malley.  I’m an experienced family lawyer in Durham Region and the GTA.

Please remember to like this video and subscribe to my Youtube channel if you have not done so already.

When you or your spouse have decided to get separated from a few months or more, I always get worried that you could easily put yourself in a dangerous financial position without even realizing it.

If you or your have spouse have made that decision to get separated on a final basis or for a few months or more, you need to make sure you clearly understand the family finances. 

If your spouse has handled the finances, you need to start digging into them so that you understand them and know what’s truly going on so that you are not blindsided by any big financial problems.

You need to find out what your spouse is making and spending so that you can truly protect your financial situation.

What are your spouse’s investments and assets?  How many bank accounts does your spouse have?

These are important questions that you need to get answered.

You need to make sure you have your own credit cards in your own name.  When you have your own credit, you can start to move forward with your financial future.

You should consider closing your joint credit card accounts if you believe your spouse will start racking up expenses on those accounts.  You are legally responsible for those expenses. 

Don’t let your spouse convince you don’t need full Financial Disclosure from them.

Your spouse is required to provide full Financial Disclosure whether you are negotiating a separation agreement or you have to go to family court.

Your spouse must complete a document called a Financial Statement in which they must set out their monthly income and expenses.  They must also list their debts and assets as of the date of separation.

Here’s a key point:  You cannot settle your financial issues in your separation or divorce without full Financial Disclosure.

Your spouse must also provide documents that shows the value of their assets, such as bank account statements and investment statements, and the amounts of their debts on the date of separation.

You must provide the same Financial Disclosure to your spouse.

I will discuss more key actions that you must take to protect your financial situation from the very start of your separation or divorce in my next video.

If you have any questions about your separation, divorce or family law case and you would like our help, feel free to contact on my Facebook law office page, that’s O’Malley Family Law, or call me at 905-434-8837 and I’ll point in you in the right direction. 

Click here to join my free Facebook GTA and Durham Region separation and divorce support group: GTA and Durham Region Separation and Divorce Support Group

Please make sure to share this important information and video with your friends, family members and co-workers so that it helps more people avoid serious problems in their separation or divorce before it’s too late.