Things You Should Do Before Asking for that Divorce

 Posted on March 26,2013 in DIvision of Property

In an article for My Care 1, Suzanne Cramer, a certified credit counselor, offered financial tips for people who are getting ready to ask their spouse for a divorce. Cramer says it's important to begin to "protect yourself from losing things that are rightfully yours and falling into a financial black hole."

Cramer advises people to withdraw half the funds from any savings account and deposit the money into an individual account. The money shouldn't be touched until the final divorce division is determined by the court. She advises people not to touch the funds in a joint checking account, since these funds may be used to pay household bills and withdrawing money could cause checks to bounce and late payment penalties to add up.

She also recommends saving your money for future expenses, such as security deposits in case you have to move.

All credit card limits should be canceled or reduced. This protects you if your spouse decides to go on a spending spree once they learn of the impending divorce. This is also a good time to begin building up your own credit, in your own name.

Cramer also advises people to not make any unnecessary major purchases at this time. You could either end up not being able to afford the payments when you split up, but your spouse could also use the purchases as a way of showing the courts you are in better financial shape than you may actually be.

If you have any treasured items, heirlooms, keepsakes, etc., she suggests that these items be brought to a safe place to protect them from any vindictive reaction your spouse may have once you file for divorce.

Finally, Cramer recommends staying in the marital home, if it is possible. This strengthens your stand on custody and also rights to your share of all marital property. She does stress, however, that if the situation is abusive, you should leave.

There are many things to consider when you are planning a divorce. An experienced Illinois divorce attorney can help protect you and your children in what can be a very angry and acrimonious process.