If you are going through a divorce or are estranged from your spouse in New Jersey, it can be challenging to maintain complete control of your finances. One of the biggest concerns is overspending by your spouse. This can lead to financial stress and even bankruptcy if not handled properly.
Overspending can result from a lack of communication or even malicious intent by the estranged spouse. Following a few critical steps after your divorce can help you safeguard your finances from irresponsible or negligent spending from the other party.
Get a copy of your credit reports
It is important to know your credit score and any outstanding debts that your spouse may have incurred. This will help you to identify any red flags and take action to protect your credit.
Close joint accounts
If you have any joint bank accounts or credit cards with your estranged spouse, it is essential to close them as soon as possible. This will prevent your spouse from using these accounts to rack up more debt.
Consider a legal separation
A legal separation can provide a clear division of assets and liabilities. This can help to protect your finances and prevent your spouse from overspending on joint assets.
Speak with a financial advisor
A financial advisor can help you to create a budget and a financial plan that will help you to manage your finances during this difficult time. They can also help you to identify any red flags and take steps to protect your financial future.
Get a court order
If your spouse continues to overspend, you may need to seek a court order to prevent them from doing so. A court order can prohibit your spouse from using joint assets or incurring new debt.
Protect your finances
Protecting yourself from your estranged spouse’s overspending can be a difficult task. However, by taking the steps outlined above, you can help to safeguard your finances and secure your financial future. It is always important to know your options to navigate the best way forward effectively.