DIVORCE happens. When it does there are financial considerations that must be taken into account.
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Untangling Your Finances When You Divorce: Don’t Forget These Important Details - Kiplingers:
https://www.kiplinger.com/personal-finance/603096/untangling-your-finances-when-you-divorce-dont-forget-these-important
DIVORCE can sometimes be an unfortunate part of life. It can also be a financial speed bump at best. A solid brick wall in the worst case. There are steps that need to be taken by both parties in the event a divorce is unavoidable. Financial independence can still be achieved after a divorce if the parties are committed to that goal and if the economic entanglements are untied properly.
7 Ways to Ready Your Finances for Divorce - Nedwallet:
https://www.nerdwallet.com/article/finance/7-ways-to-prepare-your-finances-for-divorce
5. Refrain from big financial decisions
The divorce proceedings will determine all of your major financial changes. It might be tempting to get a jump on tasks like adjusting your life insurance beneficiaries — but it's best to wait.
“Changes to beneficiaries, wills, retirement accounts, and the like will be sorted out in the (legal) proceedings,” says Caleb Ballew, divorce attorney with Martinson & Beason in Huntsville, Alabama. “If you make such changes prior to the divorce, the judge could award your spouse.”
If you’ve already filed, Ballew says, making such changes without the blessing of the court could be grounds for criminal contempt charges. Ask your attorney if you’re unsure about a particular move.
6. Be conservative when spending and saving
Separating joint finances is sticky, and much of the process depends on your state laws — some treat all income, assets and debts as if they're part of a single pot. Emptying that pot, or even dipping into it more than usual, in the weeks and months before your divorce could be detrimental.
“There is no advantage, and perhaps a disadvantage, to being the first one to the bank,” says David Clarke, a divorce attorney with Blankingship & Keith in Washington, D.C. He recommends keeping all financial matters transparent with your spouse.
Continue to use your accounts — individual or joint — as usual. If you don't have money set aside for hiring a divorce attorney and other related expenses, try to agree with your spouse about each spending a conservative and comparable amount, Clarke says. If your relationship isn’t amicable, ask your attorney about a legal separation, which would dictate how you both use money until the divorce is finalized.
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