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3 Tips for Separating Finances in Divorce

3-tips-for-separating-finances-in-divorce

Divorces are often messy because they mean separating all of the assets, property, and more that you’ve built with another person. Often, the messiest, most difficult part of this process is separating your finances with someone who is likely the joint holder of most accounts, vehicles, properties, and more.

As you prepare to file for divorce, it’s important to consider what will happen to your accounts, property, and other assets. The three tips below are a great starting point as to what you should consider when you’re planning on filing for divorce and are thinking about the long financial road ahead.

  1. Consider Decision-Making Power

Does your spouse have power of attorney over you? Do they have the ability to make medical decisions on your behalf? If so, they have decision-making power you should revoke either before or immediately following your divorce.

For some couples, this isn’t a problem because their relationship is amicable. However, if you and your soon-to-be former spouse don’t get along, you should eliminate all decision-making power when possible.

  1. Consider Joint Debts and Accounts 

You’re likely to have joint debts and other accounts with your spouse. Sometimes, spouses engage in dissipation during divorce. This means they remove money from joint accounts and spend it on non-marital expenses, like a vacation or an unnecessary purchase like a new vehicle. Naturally, it’s easier to protect against this rather than to prove dissipation during divorce proceedings.

The best way to do so is to speak with your bank and see what safeguards you can put in place. Some banks are able to require a signature from both account holders for withdrawals. This way, you don’t have to worry about money disappearing before the divorce is complete.

It’s also best to begin setting up separate accounts for your expenses or to open a separate credit card in your name. Doing so will help you transition from the joint accounts to your own accounts during the divorce and after it is finalized.

  1. Retain an Experience DuPage County Divorce Attorney

You don’t need a lawyer to complete your divorce. However, proceeding pro se – or representing yourself – is risky. Your divorce judgment is binding and dictates your future financially and otherwise. As such, it’s best to have an experience attorney advocating on your behalf.

While Lawrence R. Surinak Ltd. practices primarily in DuPage County, we can also assist with your divorce in Kane, Kendall, and Will Counties. With over 35 years of experience, we’re experienced in the financial challenges of divorce and other areas as well.

Take advantage of your free, 30-minute consultation by contacting Larry at 630-470-9990. If you prefer, you may also set up your consultation using our simple online form. We look forward to speaking with you and offering additional information on the financial side of divorce and other related issues.

Concentrated on Family Law

Lawrence R. Surinak Ltd. is a law firm concentrating solely on family law and has served clients in DuPage, Will, Kane, and Kendall counties for over 35 years.

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About Attorney Lawrence R. Surinak Ltd.

Lawrence R. Surinak Ltd. is a law firm concentrating solely on family law and has served clients in DuPage, Will, Kane, and Kendall counties for over 35 years.

We continue to work with clients in Naperville, Wheaton, Lisle, Oswego, Downers Grove, and the surrounding areas to provide one-on-one support and attention that will help you through this difficult time.

If you have any questions or concerns, please feel free to contact us at any time. We look forward to offering our expertise and support to you throughout your case and after.