Dollars, Sense, And Divorce: Financial Rules To Follow As A Woman Through A Divorce

Posted on: 19 July 2017

Divorce marks the end of one life chapter and the beginning of another for you as a woman. While most women anticipate plenty of changes with a divorce, from changes in living situations to giving up certain belongings, many forget how much their financial situation can change during the whole process. To make sure you don't end up facing all of these new life changes with no financial security, there are a few financial rules to follow through your divorce as a woman:

Set up your own bank account.

Many married women spend the entirety of their married life sharing joint bank accounts with their husband, so it is perfectly normal for a woman to emerge from a divorce with no accounts of her own. Unfortunately, this can make it tough to establish yourself financially. Before the divorce proceedings, it is not a bad idea to go ahead and open your own bank account and even work with your soon-to-be ex to get your joint accounts divided out so the court does not have to do this for the two of you.

Don't make any huge investments or purchases.

You are heading for divorce, so why not go ahead and max out those joint credit cards or buy that new ride with funds from your joint account? This may sound like a fun idea, but just before your divorce is never the right time to make extravagant purchases. If the judge sees your spending habits before the divorce as irresponsible, you could lose more than you plan to during property division. Plus, the debts you rack up could actually be turned over to you to pay for on your own.

Do what you can to secure your own income or savings.

One of the biggest mistakes you can make when you know you are heading for a divorce and sit and wait for the events to unfold while still relying on your spouse's income fully for support. Even if you do believe you will qualify for alimony, child support, or other forms of spousal support, it can be a while before those payments kick in after the divorce is final, which can mean you will be left with no income for a period of time. Therefore, it is best to secure yourself some form of financing, whether you pick up a short-term employment position or make sure you have some money saved up to take care of yourself.

Contact a law firm like Cotto Law Firm P.C. for more information and assistance.