Going Through a Traumatic Marriage and Contemplating a Divorce? Safeguard Your Personal Finance Beforehand
Just the other day I was reading about this poor guy, who lost everything in a battle of divorce and today the person is homeless due to this unfortunate marital experience. Do you feel that something is grossly wrong with your marriage and a divorce is inevitable in the near future? Then it is high time that you take certain precautionary measures so that you do not end up like a beggar in addition to the heartbreak from a failed marriage.
Getting across your point before the judge in a hostile divorce case requires a lots of money. So if you anticipate that your divorce case is going to be a tough one, be practical and start preparing right from the very beginning. Crying over spilled milk is of no use; first make arrangements so that you get the rightful share from your joint assets.
You might be sharing a savings or checking account with your spouse. Never make the mistake of removing a substantial amount of money from it without informing him or her. If you have to take out some money, remove only half or less than that and then deposit it in a separate account. Same way open a checking account in a different bank. Removing a huge amount of money will make your position weak at the time of property settlement.
But one move you must take is to discontinue with a joint credit card account. In addition to that also discontinue with any line of credit with any bank. Do not forget to inform your spouse of this move. In case there are some previous debts that has not been cleared yet, inform the credit institution that henceforth you will not be responsible for any additional debt.
It is also important to find out a safe hiding place for your valuables. If you have doubts about your spouses attitude, that he or she may steal or damage your personal property out of revenge, then the best option is to take them out of the home and place them in a safe place like bank safety deposit vaults rented in your name and out of the reach of your spouse. You can also leave them with any of your trusted friends for the time being. Or you can also keep them under lock and key in your office locker. That way you will be able to save on your valuable belongings from being misappropriated.
At the same time you should be careful to prevent your spouse from exhausting the assets bought in your joint name. You have to take measures so that you get your share out of these joint assets and for that you have to consult a legal expert. It is best to apply for a temporary restraining order on the property in question until an emergency hearing. Also do not deposit a large amount of liquid cash with the joint checking account.
In the onset of a separation procedure, identify all your separate financial assets like stocks, bonds or mutual funds, cash on your single savings account. The money you have borrowed in security of your retirement fund or loan you have received from one of your wealthy friends and so on are your property and accumulate them under your name in advance.
A broken marriage is an emotional disaster in itself; follow the above mentioned practical advices to prevent it from being a financial disaster as well.