How Women Can Prepare Financially for a Divorce

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Filing for a divorce is a huge decision, but even if you’re not sure that you are going to go through with it, there are some things that you should do to protect yourself financially. If you’re considering a divorce in Michigan, either you or your spouse must have lived in the state for a period of six months. If you haven’t, you might want to use this time to prepare financially. 

Property Division in the State of Michigan

In the state of Michigan, the property will either be categorized as marital property or separate property. Determining the division of property is an extremely complicated matter. You should contact a Michigan divorce attorney to guide you through the process. If you choose to attempt this without proper legal guidance, you may make errors that work against you. 

Preparing for a Divorce

Consider a situation where you agree to your divorce, and you or your spouse decides to move out. What happens with your joint bank accounts? Your credit cards? Can your spouse still make decisions for how your money is spent? How would you know?

If you’re a woman who’s considering divorce, you should take some time to inventory your property, investments, debt, and other accounts. You have a legal right to this property, but once the divorce is announced, it may only take the change of a few passwords for you to lose access to your accounts until your divorce lawyer can compel your spouse to open them back up. Here are a few tips to make sure that your spouse doesn’t commute assets or run up your mutual debt:

  • Take a Snapshot of your Financial Portfolio – If you have any online stock accounts, bank accounts, retirement funds, credit card statements, etc. Go through each one and take a screenshot of the status of each account. Do not move assets or deny your spouse access to the account. 
  • Take Pictures of the Contents of Your House – You’ll want to focus on things of value, like furniture, jewelry, electronics, power tools, art, camera equipment, etc. 
  • Take Pictures of Vehicles and Boats – You may need to demonstrate the condition of these assets at a later time. 
  • Keep a Cash Reserve – If you lose access to your accounts, you can fall back on the money until your spouse is required to comply.
  • Open Your Own Credit Card for Emergencies – Use this card only for essential purchases or if you’re cut off from your assets.
  • Document any Large Expenditures – It’s not unusual for spouses to begin increased or extravagant spending prior to a divorce.
  • Make Backups of Photographic Evidence – You should create a file for your divorce lawyer. Also, print physical documents and keep them in a secure location. 

Using a Divorce Lawyer in Michigan

You are not required to hire a divorce lawyer in the state of Michigan, but even the most amicable of divorces can become contentious when it comes to things like child custody, support, the division of assets, and debt. Visit The Law Firm of Victoria if you have questions concerning divorce in Michigan. 

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