Simple Steps to Protect Your Finances During a Michigan Divorce

 Posted on September 30, 2019 in Divorce

The divorce process can be a tumultuous time for any person. Separating from a spouse to whom you were once happily married is never easy. In any divorce, there are a variety of complicated matters that will need to be resolved. Most notably, a person’s financial situation can drastically change post-divorce. In order to ensure that your divorce does not compromise your future financial security, it is important to know how to protect yourself. Below we will discuss a few simple steps you can take to ensure a level of financial security after your divorce is finalized. 

Preparation Is Essential for Financial Security

When you are separating from your spouse, it can be difficult to think about money. The reality of the situation, however, is that you need to be thinking about what your financial future will look like once the divorce is finalized. Some steps you can take include:

• Create independent financial accounts: Once you begin pursuing a divorce, you will want to establish your financial independence from your spouse. Understanding that there are expenses that come with divorce and that you may be looking for a new place to live, it is time to open your own bank account. This will enable you to control your own money and ensure that you will have the financial resources you need after the divorce. It is wise to have a few months of income built up in a personal account prior to finalizing your divorce. Be sure to inform your spouse of the personal account and the money you are depositing in order to avoid accusations that you are hiding marital assets. 

• Protect against financial harm: While many divorces can be fairly amicable, some cases can become heated, and a spouse may attempt to harm their former partner's finances or credit. If you feel as though your spouse may begin spending marital funds or charging purchases on joint accounts, you should take the necessary precautions to protect your finances. Remove yourself or your spouse from joint credit card accounts, or ensure that both parties must sign in order for purchases to be made. If you and your spouse are still receiving mail at the same address, you may want to consider setting up a post office box in order to ensure your spouse does not gain access to your private financial documents. During divorce litigation, there is no such thing as being too careful. 

• Be ready to fight for spousal support: If you did not work full-time during your marriage, if you are a stay-at-home parent, or if you earn less than your spouse, you may be eligible to receive spousal support. If you and your spouse are unable to come to an agreement regarding spousal support payments, the court will have to consider a number of variables when determining whether to award support and deciding how much support will be paid. Be prepared to discuss the reasons for the divorce, your standard of living during the marriage, and your needs. Unfortunately, many people struggle to receive their full spousal support payments, even after a decision has been made in court. You may need to speak with your attorney to determine your options for enforcing a spousal support order. 

Contact an Oakland County Family Law Attorney

Regardless of the financial steps you take to protect yourself during your divorce, the most important step you can take is hiring an attorney who will represent your best interests. At Elkouri Heath PLC, we are prepared to do everything in our power to ensure that you will be financially secure after your divorce. To schedule a complimentary initial consultation with our skilled Farmington Hills divorce attorneys, call us today at 248-344-9700. 

Source: 

https://money.usnews.com/investing/slideshows/12-steps-to-protect-your-money-in-divorce