10 Critical Safety Precautions to Protect Your Credit and Personal Property During & After Divorce

There are some very important things to remember and act upon when you have filed for divorce. This is a very hectic, highly emotional time, but the way you handle your personal business right now is critical. Following are 10 ways to protect your credit rating, your family and your homestead.

1. If you haven’t done so already, set up your own bank account. This should really be done prior to filing for divorce; the sooner this is done, the better. Your terms have been negotiated with your soon-to-be ex and you’re meeting with your attorney to get everything documented correctly in the divorce decree. At this time, you’ll need to take the next step in protecting yourself. This one applies only to women, sorry guys.
2. Please be sure to change your name at this time in the body of your divorce decree. It’s much easier, and cheaper, to have this documented in your divorce decree instead of changing your name after all the paperwork has been filed. In order to protect yourself as an individual, you must remove your married name. It is especially important if your ex has a financially disastrous history. Their credit rating is worthless and yours will remain worthless as well unless you break the connection. Your divorce is finally over. You’ve received your final paperwork and you’re ready to move on with your life. Depending on the personal property that you’ve retained from your divorce the following actions need to be taken.
3. Change your driver’s license, social security card information, bank account name to reflect your changed name. This applies only to women again.
4. Any real estate needs to be officially deeded into your name and recorded with the County Clerk’s office.
5. The titles to any type of automobiles, boats, four wheelers, etc., need to be transferred into your name.
6. The name on your utility accounts (electric, water, phone, etc.) needs to be changed to reflect which one of you will retain the account.
7. Check into your insurance status on your home and your vehicles. If your insurance is not paid up and current or your coverage is inadequate, corrective actions must be taken as soon as possible with your insurance agent. Health insurance should have already been addressed by your attorney at this point, but if not, this will need to be checked into as well.
8. Immediately request a copy of your credit report.
9. Once you’ve received your credit report, thoroughly review all accounts listed. Dispute all accounts that were in both of your names. Any account that’s legitimately yours will have to remain on your report, of course.
10. Create a Will, either by yourself or through an attorney, to protect any loved ones should something happen. If you’ve retained full custody of the children and your ex is not fit to raise them in the event of your death, then your Will should designate with whom your children will live. If you wish your children to have all or some of your material possessions, the particulars should be specified in your Will as well.

Every divorce is different. Only you and your attorney know the specifics of your personal property transfer. Nevertheless, these 10 items apply to every divorce situation and once they’re completed, you can rest assured that you, your children and your homestead are fully protected.