Divorce Strategies -- Your Finances
By Kerry Graylor
If you can see your marriage heading for the rocks, it is time to start thinking about divorce strategies to protect your finances. While some of the following strategies are only appropriate after you are already discussing divorce with your spouse, you can start on some of them even before matters have reached that point and even if you are hoping to preserve the marriage.
Firstly, reduce any unnecessary expenses. Some people faced with a failing marriage go out and spend all that they can to 'get back' at their spouse. This is a very bad idea. You will need the money later, so put aside anything you can save in a separate account in your own name.
You could also start to sell off any of your own personal property that you do not use or want any more. As you soon you begin to discuss divorce you should cancel any jointly owned credit cards and agree how you will divide up the outstanding bill. If you do not do this you may find your spouse running up huge bills which you will be jointly responsible for.
You will also want to close any jointly owned bank or savings accounts and agree how you will divide the money that is in them. This too must be done as soon as possible to prevent your spouse from withdrawing all of the money. If you hold any jointly owned stocks or bonds, check for any restrictions and either sell them or ask the company if your holding can be divided in two so that you can hold them individually.
If your household bills were paid from your joint account, you will need to make new arrangements so that you do not have any problems with the utility company. It makes sense for whoever is staying in the house to take over payment of the bills. If you are both staying for now, then have each person pay some of the bills.
Check out the agreements for any 401K and pension plan accounts that may be in place for you as a couple. Again you can usually separate the account so that you have your own. If contributions are made direct from your salary, you will need to tell your employer what is happening.
However hard it is to keep your mind on your work as you go through a divorce, it is very important that you keep your job if you have one. If you don't, maybe it is time to start looking. It may be some time before any awards of financial support are made by the court.
If you and your spouse are getting along, you could ask for financial support during the divorce, but be sure that any agreement you make now is clearly stated to be provisional and does not constitute a divorce settlement. If you are fighting, it is best to handle this through attorneys.
It is best to appoint an attorney as soon as possible and then ask your attorney for advice on how to manage your divorce strategies.
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