Divorce With Respect

Three ways to stave off financial problems during divorce

On Behalf of | Oct 4, 2017 | Divorce, English, Firm News | 0 comments

Emotions can run high when a divorce petition is filed, especially when one party feels betrayed or disrespected. But angry divorcees may lose sight of the fact that they can avoid the bickering, bitterness, and most of all, the astronomical costs that come with breaking up a marriage.

Those who realize this and come to amicable agreements stand to benefit the most, but this sentiment is not developed in a vacuum. Several common steps are taken before this happens.

This post will highlight a few of them.

A financial separation begins — Couples who formerly have joint bank accounts, credit cards and the like tend to cancel these accounts and open separate accounts for their own uses. This way, the couple will not have to worry about a joint account being raided or being surprised when money is used for a purpose they did not approve of.

Couples can conduct accurate accounting — Before splitting up, couples can be completely in the dark with regard to what they may have when it comes to retirement accounts, investments or even mortgages and credit card payments. Having an accurate accounting can not only help in setting a post-divorce budget, it can also help in making agreements over what shall be paid after a divorce.

Staving off revenge — It is common for couples to have bad blood before a divorce; which could lead to a spending spree on a person’s credit card, or to deplete a joint account. Perhaps the most important step in preparing for a divorce is to avoid the temptation to exact revenge for a wrong. It could have dire consequences beyond the divorce.

If you have questions about whether these steps can work for you, an experienced family law attorney can advise you.