I have been married for over 20 years. My spouse was always the primary breadwinner and always managed our finances. I have been unhappy in our marriage for years and finally have the courage to leave, however, I do not even know where to start to protect myself financially.
Divorce can be overwhelming! The first thing I tell clients who are considering divorce is to begin gathering financial records in order to assess their financial situation. These documents include tax returns, bank/investment account statements, retirement account statements, etc. Once a divorce action is initiated, key financial documents often go missing! Having all information together and organized will save you time and money when you do eventually consult with a lawyer. Keep copies of all documents outside of your home at a trusted friend’s house, at your office, or even a safe deposit box.
Second, begin to plan out a budget as to how much it will cost you to live on your own and how much income you will need on a monthly basis in order to cover the expenses you might incur.
Third, consider opening a new bank account and start putting money away as a slush fund of sorts. All too often, once a divorce action is initiated, the party controlling the family finances may limit access of funds. This can put one party at a serious disadvantage in a divorce action. Having access to money to hire legal and financial professionals, and even to cover the basics such as food and housing, is critical.
Fourth, open a new credit card in your name alone. This will help to establish your own credit and help pay for day-to-day living expenses during the divorce when marital funds are otherwise unavailable. Open the credit card before any divorce proceedings commence, especially if you are not employed or if your income is significantly less than your spouses.
Finally, open your own post office box to ensure that your mail will be received and securely held until you retrieve it. This will allow you to receive confidential mail from your attorneys and financial professionals as well as statements from any new credit cards or bank accounts. While the process can be overwhelming, there are steps you can take in order to put yourself in a much better mental position to be able to move forward with the divorce process. Consult with a an experienced family law attorney to get a better understanding of your rights and obligations as you move forward with the process.
