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Divorce & Money

No one I know has ever hoped that someday their marriage would end in divorce.  Yet, way too often, marriages do end that way.  The financial complexities of divorce are very consequential and often frightening.  If you believe you might be facing a divorce in the future, here are some financial matters you need to carefully consider.

Banking – Do you have at least one bank account exclusively in your name?  When a couple divorces, accounts that are in both of their names will frequently need to be closed.  (Most banks are hesitant to simply remove an individual from an account.)  Each party will need an account that they can use to conduct normal financial transactions.  If you have not been the partner who routinely participated in paying bills, it is time to get back in the swing of things. Please consider opening an account solely in your name. I do not advocate doing this to hide funds. The new account should be disclosed to your attorney and properly accounted for in the divorce proceedings. By setting an account up ahead of time, it is one less obstacle you will face at a later date. It will also put you back in control of some aspects of your finances.

Credit Cards – Do you have a major credit card in your name?  The ability to access credit when you are married may be easier than after you are divorced.  This is especially true if one spouse has been at home and not earning outside compensation.  Both parties need to be able to exit the marriage with access to credit. If you are contemplating divorce, you should consider applying for a credit card, solely in your name, prior to the execution of the divorce. Again, if you have already filed for divorce, please consult with your attorney before proceeding with this step. Your attorney should be able to let you know if this will be an obstacle in your circumstances.

Banking and credit cards are just a few of the basic financial matters I review with clients during their divorce proceedings. If you are contemplating divorce and would like to discuss other important steps you need to take now, please contact me using the "Contact" link at the top of the page, and I will respond.

Always remember, your funds matter! If you have a financial tip to share with others related to divorce, please share below.

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