Staying in-the-know on marital finances prior to divorce
Being financially literate both during a marriage and during the divorce process can serve a spouse well. It is still common in this day and age for one spouse to handle the day-to-day living expenses while the other spouse handles the more major finances including insurance, taxes, investments and retirement savings. Should one spouse be kept in the dark about these major financial items, it could harm them down the road during a divorce.
That is why it is important for a spouse who is thinking about divorce to take a few steps before filing divorce paperwork. One step is to open a separate bank account, and to do everything possible to save an adequate amount of money to be placed in that account. In addition, a spouse should check their credit score so that they understand their ability to take on a loan or a credit card prior to or after their divorce. Having all of one’s financial paperwork at hand, including information about bank accounts, loans, investments and retirement accounts can also help a person going through a divorce so they are ready to tackle property division.
All of this might seem like a lot to handle, especially when a person stuck in a rocky marriage is feeling especially vulnerable and emotions run high. However, taking these steps at the get-go can save a lot of time and heartache down the road try these out.