Divorce shakes your life, and money often takes the hardest hit. You may feel fear, anger, or shame. You are not alone. This guide helps you protect your bank accounts, income, and credit so you do not walk away with regret. You will learn what to gather, what to freeze, and what to watch. You will see how to track spending, close joint accounts, and prevent hidden debt. You will also understand when to call a Salt Lake divorce attorney for help with court papers and negotiations. Every choice you make now can affect your housing, retirement, and your children’s needs. You cannot control every outcome. However you can control how prepared you are. Start with clear facts. Then take calm steps. Your future self will thank you for acting with care and strength.
1. Gather documents before anything changes
You protect money by first knowing what exists. Before accounts move or close, collect copies of key records. Store them in a safe place that your spouse cannot access.
- Bank and credit union statements for the last 12 months
- Retirement and investment account statements
- Mortgage, home equity, and other loan documents
- Credit card statements, including store cards
- Pay stubs and tax returns for at least three years
- Titles and registrations for cars, boats, and other property
- Health, life, and disability insurance policies
You can learn more about basic financial records from the Consumer Financial Protection Bureau. You do not need to organize everything at once. Instead you can focus on three steps. First list all accounts you know. Second print or download statements. Third keep copies outside your home if you feel at risk.
2. Open your own accounts
If you share all money with your spouse, you are exposed. You need accounts in your own name only. This gives you a safe place for your income and any new savings.
- Open a checking account in your name only
- Open a savings account for an emergency fund
- Change your direct deposit to your new account
Next review your joint accounts. You may need to ask the bank to require two signatures for large withdrawals. You may also need to freeze or close joint credit cards. Always follow court orders in your case. Some courts limit changes to joint money during divorce.
3. Track spending and build a simple budget
Divorce often cuts income and raises costs. A clear budget lowers shock. Start with three lists. First list your net income. Second list fixed bills such as rent, mortgage, car payment, child care, and insurance. Third list flexible costs such as food, gas, clothes, and kids’ needs.
Then look for three things.
- Spending you can cut right away
- Bills you can renegotiate such as phone or internet
- New costs you must plan for such as health insurance
For a simple guide on making a budget, you can use worksheets from the MyMoney.gov program from the federal government.
4. Protect your credit
Your credit score affects where you live, what you pay for loans, and sometimes if you get a job. Divorce can harm credit if payments stop or new debt builds in your name without your consent.
Follow three key steps.
- Get your free credit reports from each major bureau
- Review them for joint accounts and unknown debts
- Place fraud alerts or a credit freeze if you fear abuse
Contact lenders and ask to remove yourself as an authorized user on your spouse’s cards. Also close joint cards when the balance is paid. Until then agree in writing who pays each card. Then pay on time every month.
5. Compare joint vs separate accounts
This simple table shows the main differences between joint and separate accounts during divorce. It can help you decide what to keep, change, or close.
| Type of account | Who controls it | Risk during divorce | Typical action to protect yourself |
|---|---|---|---|
| Joint checking | Either person can withdraw | High risk of sudden withdrawals | Open your own account. Move your income. Ask bank about limits. |
| Joint savings | Either person can transfer | High risk of drained savings | Document balance. Follow court rules. Ask lawyer about freeze. |
| Joint credit card | Either person can charge | High risk of new debt in both names | Stop new use. Pay down. Close when paid. Remove as authorized user. |
| Account in your name only | You control it | Lower risk but still subject to court orders | Use for income and new savings. Keep records of deposits. |
6. Plan for housing and daily life
Your home is both shelter and money. You may feel pressure to keep the house for your children. That choice can strain your budget. Ask three hard questions.
- Can you afford the mortgage, taxes, and repairs on one income
- Will keeping the home block you from saving for retirement
- Would renting for a time lower stress and give you room to plan
Also plan for daily life. Look at child care, transport, and health needs. You might share costs with your spouse through child support or spousal support. Court orders control this. Until then keep track of what you pay for your children. Clear records can support your case.
7. Watch for hidden money and financial abuse
Some spouses hide money or use money to control you. Warning signs include sudden cash withdrawals, new secret accounts, missing mail, or threats about cutting you off. If you see these, act fast.
- Tell your lawyer or legal aid office right away
- Save copies of any texts or emails about money threats
- Ask the court for orders to protect assets if needed
If you feel unsafe, your safety comes first. Reach out to a local hotline or shelter. Money can wait. Your life cannot.
8. Build a team you trust
You do not need to handle this alone. You can build a small team.
- A family law attorney to explain your rights
- A financial counselor or nonprofit credit counselor
- A tax professional if you own a home, business, or many assets
Choose people who listen and give clear answers. Bring a written list of questions. Take notes during meetings. Ask for copies of every document you sign.
9. Take three steady steps forward
Divorce may feel like chaos. You can still take steady steps.
- First get the full picture of your money
- Second protect your accounts and credit
- Third plan for housing and long term needs
Your heart hurts. Your mind may feel foggy. That is normal. You can still protect your future with clear action now. Every small step you take with money gives you more control, more safety, and more peace for you and your children.
