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Ways to address the financial risks of getting a divorce

On Behalf of | Apr 9, 2024 | Divorce

After a lot of pondering and discernment, you realize that you want to get out of your marriage. However, there are financial worries and fears that are holding you back. Do you think you are financially ready to file for a divorce and move on with life without your spouse?

Securing your finances

It might already be difficult to deal with the emotions of wanting to get a divorce. But that should not stop you from thinking about the financial risks of becoming single. Improving your financial well-being is a crucial way to prepare for your future. According to CNBC, here are some ways to protect your finances before getting a divorce:

  • Open a retirement account: Having your own retirement account may help start your journey toward financial independence. In addition, it will help you prepare for a more stable future.
  • Seek access to your marital funds: It is important to have access to your joint accounts so that you can secure your money. More importantly, seeking access imposes your rights as a joint account holder.
  • Involve yourself in the family’s decision-making process: You need to know the details of your household’s finances, as this could help you better manage the household. It may also give you more confidence to have a say in your family’s financial decisions.
  • Consider making a postnuptial agreement: If you do not have a valid prenuptial agreement, you may propose the creation of a postnuptial agreement for added financial protection for both spouses.

Meanwhile, if all your bank accounts are joint with your spouse, it is about time to open a personal account. This would be another significant step toward financial freedom.

The importance of financial wellness

When you are financially ready, you could gain more self-assurance before seeking an end to your marriage. Additionally, having financial wellness and getting legal guidance may help you make reasonable requests for alimony, property division and child support.

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