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Avoid common financial mistakes during divorce

Divorce has a way of reaching into every part of your life, whether it is social, financial or emotional. There are a few simple tips, however, that can prevent you from experiencing significant money problems after a breakup. And, anyone who has lost a considerable amount in a Marietta divorce in knows that avoiding financial hardship is an important goal during the divorce process. Unfortunately, many of the money mistakes made during divorce are made by women

First, women need to be prepared to survive on their own before a divorce hits. Although it may seem macabre to be "ready" for a divorce, you should always have a financial back-up system. Be sure that you have access to some money that you have set aside for yourself; that is, have an account that does not have your husband's name on it. Make sure that you also have your own credit cards. It may be very difficult to obtain credit following a divorce, so it is best to try and get a card in your own name before you enter divorce proceedings.

Next, make sure that you have copies of all relevant legal documents and statements. Keep a copy of your joint financial statements, or ensure that you are included in the online access system that allows you to view these accounts. Also keep copies of any insurance policies, home deeds, vehicle titles and retirement documents. Keep these copies in a secure location that your husband cannot find.

Finally, professionals within the family law field say you should be informed before going into the divorce. You should know what property belongs to you. Think about life insurance benefits, stock options and even country club memberships. High-asset divorces also hinge on the distinction between separate and marital property, which may have been sorted out in a prenuptial agreement; make sure you know your property rights before signing any legal documents.

Source: Forbes, "Three Types of Financial Mistakes Divorcing Women Make (And How to Avoid Them)," Jeff Landers, Nov. 27, 2012

Learn more about the financial aspects of divorce by visiting our division of property and debts web page.

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William C. Gentry, Attorney at Law

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William C. Gentry, Attorney at Law
506 Roswell Street SE, Suite 240
Marietta, GA 30060

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