Money and Divorce

Here are 11 ways to protect yourself, when going through an unexpected separation of finances.

1. Yours, Mine and Ours

I can speak from experience when I say, everyone should have a “yours, mine and ours” account when it comes to money. By no means should you hide money or avoid financial responsibility, but each of you should have your own account, plus a joint account.

In the event of a death, sudden accident or divorce, you will still have instant access to your money. This prevents any type of confusion about who gets what (which can happen once lawyers and banks get involved) until everything is sorted out.

2. Update Yourself

If you don’t handle the household finances, now is the time to have a money talk with your spouse, and update yourself. No one likes to be taken for a ride and have an “I didn’t see that coming” moment.

Look over the bank statements, insurance policies and other important financial documents to update yourself. It will make any unexpected situations less stressful if you have control over this part of your life.

3. Stay in Contact with Your Network

Your network of friends, families and co-workers are your best assets right now. They can give you emotional support as well as financial support. They can use their resources to help you find a new place live or a new job.

Keep an updated contact list handy, so you can refer to it quickly. It’s also a good idea to update your resume. During this transitional time in your life, you never know what to expect and it’s important to be prepared.

4. Separate Your Credit and Joint Accounts

Depending on your state’s laws (and if you had a prenup), whatever you acquired during the marriage or partnership is joint property. During the duration of the relationship, many couples take out joint mortgages and car loans. Once you both decide to end things, you need to separate any joint property, like loans or credit cards.

In the case of a mortgage you will likely have to sell the property or refinance it into your partner’s name. You should also check your credit report and remove your significant other from your account. That way, their credit decisions won’t affect you in the future and vice versa.

5. Keep a Paper Trail

Some days, my ex and I were fine talking calmly and sorting through our business, other days we were yelling and threatening. In the event you and your ex can’t discuss anything in a calm fashion, you need to have proof of your decisions.

Sending emails or text messages back and forth, is much better than a verbal agreement. You’ll need a paper trail, in case something bad happens or you’re wrongly accused. This also applies to any transactions with creditors or joint accounts where you are separating your finances.

6. Treat It Like a Business

Whether you’re breaking up with your roommate or going through a divorce, the best way to protect yourself is to treat all your decisions like a business. Stay calm, remove your emotions and try to create a well thought out plan.

7. How to Find Hidden Assets

8. Family Home in Divorce

9. Division of Stock Options

10. Copyright, Divorce Community Property

11. High Net Worth Divorce

Please call Los Angeles divorce lawyer at Law Offices of Warren R. Shiell if you have any questions regarding High Net Worth Divorce in California at (310)247-9913

Comments

[Account Deleted]

Hello,
As a member of the working force, you possess specific statutory rights specifically designed to protect injured employees in the event that you are injured while performing in the course and scope of your employment. Workers' compensation provides limited insurance coverage for injured employees for lost of wages, medical treatment, vocational rehabilitation and retraining, if necessary.

http://www.compmanwc.com/

[Whitney Williams]

Thanks for sharing this information and all of these tips! Do you by chance know of a good Divorce Lawyer in Newport Beach, CA? If so, please let me know. Thanks again!

[Richard Wright]

Thanks for the information included in this article. I knew a divorce lawyer in Tucson but I don't like the idea of hiring lawyers. Any advice? http://deborahpratte.com/purpose/

[Chicago Divorce Attorney]

Separation is difficult situation. Thanks to share such useful information!

[Dexter]

Thanks for the great information in this post. I have been searching for some good divorce lawyers in Surrey BC for a while. Do you know of any that you can suggest? Thanks.

[Nelson]

Hey,
Thanks! Great post you have written on "Bucks County Judge-to-be Sees Lag in Domestic Cases".Really I can say that your post is very informative, I'll come across your blog again when you will update it with new.

Nelson
http://www.jrlaw.org/

[sillhouine]

I agree, keeping a paper trail of finances is really important. Where can i find more information about divorce lawyers in Woodstock IL? I have a good friend whos going through a divorce and she could really use some help.

[Suzy Frame]

OH this sounds like a big mess and definitely something I don't want to deal with! Can you tell me where to find a divorce lawyer in Oakville? I think they could really be helpful! Thanks again!

[Rod Lucas]

I think it's great what these divorce lawyer hanover pa can do for people. It really make the whole process run much smoother if you have a good lawyer.