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Getting Control of Your Finances Before Divorce

If you think you are on the road to divorce, and you are unsure of how your finances are, you should start paying more attention to this aspect of life. Otherwise, you could end up missing out on assets that you are entitled to. As you decide whether to stay together or get divorced, you should take a closer look at your financial situation.

Why Should You Keep an Eye on Finances?

In many situations, one person pays the bills and balances the checkbook, while the other person turns a blind eye. This may work out great for now if one of you is better at managing money than the other, but it could turn badly when you get divorced. This is because the person in charge of the money may be tempted to begin hiding assets if it appears divorce is on the horizon. Your husband or wife is much less likely to do so if he or she knows that you would immediately find out. If you want to get as much of the money as you deserve, you should start paying close attention to what you currently have.

Check Out Account Balances

You should take a look at the amount you currently have in your joint checking and savings accounts. If the total does not look right, you should be able to look at recent statements to get an idea of where the money has gone. If there are several transactions that you do not recognize, or if your spouse has withdrawn a lot of money, you should get a copy of the statement to show your divorce lawyer. He or she should be able to help you find out for sure if your spouse is hiding assets.

Pay Attention to Credit Cards

You should also take a look at credit card statements. If the balances are higher than you remember them being, you should try to find out why. If you see suspicious activity, such as cash advances and transactions you never made, keep a copy of the statements. If you and your spouse are on speaking terms, consider asking him or her about the transactions to see if you can get an explanation. Just make sure you already have the proof before you accuse your spouse of anything so that he or she cannot hide the evidence.

Remember that you will be partially responsible for paying back the debt after the divorce, so you have a right to know where all the money went. If you do not question suspicious circumstances, you may end up with more debt than you deserve.

Keep Your Lawyer Informed

Your divorce lawyer will want to stay updated on your financial situation since this will affect alimony, child support, and division of assets. For this reason, you are encouraged to immediately find out how your finances are doing, especially if you suspect that your spouse is hiding assets that should belong to you.

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