Something about “new year, new you” also rings -true with struggling couples, and hence why January seems to be one of the biggest months for divorces.
“Last year I saw a 10 to 15% increase in consultations in January, peaking at a more than 40% increase in March,” says certified divorce financial analyst Lisa Decker. “I refer to January as the beginning of ‘Divorce Season.’”
If you’re one of these people, there are some steps you’ll want to take with your finances before moving forward with your divorce, and even before you have the “divorce conversation” with your spouse.
KEY DOCUMENTS
“Once a divorce has been initiated, financial information can disappear or become difficult to access,” says divorce financial analyst Carl Palatnik. Types of financial documents include bank statements, assets, income and expenses, and prenuptial agreements (if there was one).
Having a paper trail saves stress, time and money. “You won’t be captive to your spouse, hoping he or she will provide things to you,” says Decker.
CASH
You’ll want to make sure you have some money saved because divorce proceedings can take a long time. Decker advises that if you can’t open your own bank account without raising red flags that you “open a credit card with a low or introductory 0% interest rate.” You’ll also want to have money on hand if you choose to work with a divorce attorney or financial advisor.
CREDIT
“Try to separate shared credit card accounts,” says Palatnik. If your spouse is an authorized user on your credit card you are able to call the issuer and ask them to remove your spouse from the card. If this is not possible, you are able to freeze your credit accounts. This is probably best to do after or just before informing your spouse of the divorce. That way you give them enough time to secure their own separate credit.
For advice on divorce, you need the expert law firm of (619) DIVORCE, APC.. Schedule a consultation today.
Sources: Time, The 3 Most Important Things to Do Before Announcing You Want a Divorce, January 13, 2015
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