If a spouse expects their divorce to be an uphill battle, they should prepare by taking certain steps before the process starts. It’s important to protect oneself from financial damage, and to have access to the monetary resources that may be needed during a divorce. Below are some things to do before beginning divorce proceedings.
Open Solely Named Accounts
If spouses share a bank account, withdraw some of the money and deposit it in a solely named account at a different bank. After the other spouse learns about it, some fireworks are to be expected, and negotiations may become more difficult. If a spouse takes too much money out (and “too much” is typically decided by attorneys), they may get less in the property settlement phase. It’s important to leave enough money to cover bills and other monthly expenses.
Close Joint Accounts
Divorcing spouses should close joint card accounts. If a couple has a credit card or line of credit, it should be reduced or cancelled. If the account cannot be closed due to an outstanding debt, explain to the creditor that one cannot be held liable for anything other than the current balance. To have a successful life post-divorce, individual credit is important-;but building credit can take time. If one has no individual credit, they may have to wait a few years before accessing favorable credit terms.
Hide Personal Property
If a spouse is concerned that the other person may attempt to destroy or sell any of their personal property, they should hide those items in a safe deposit box, a friend’s home, or somewhere else that’s inaccessible to the other spouse. If property is damaged, the spouse can sue the other person for destruction of property, and a Divorce Attorney in Silverdale WA can use their behavior as proof during negotiations.
Protect Assets
If a spouse is angry, they may try to use joint assets rather than allow the other person to get them in the divorce. Consult a Divorce Attorney in Silverdale Wa about protecting those joint assets. A lawyer may advise clients not to maintain a large bank balance, or they will file a temporary order or request an expedited hearing.
