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Financial matters and divorce

Money, money, money. Whether it’s greenbacks, money markets, certificates of deposit, money-related matters are often among the biggest reasons nearly half of all U.S. marriages end in divorce. When the stereotypical money personalities of savers and spenders unite in matrimony, you better be careful.

It’s a clash just waiting to happen. Before couples get married, it’s critical they discuss money and finances. Careful discussions about money management and organization are recommended. No, rather a necessity. Do they share the same philosophy on spending and saving? Do their financial goals mesh? What do they agree upon when it comes to major purchases? Make these discussions at least once a month.

Going down the divorce path

The discussion list is nearly endless, but sometimes the only solution may be to separate and divorce. If this is the route you will take. Here are a few things that a divorcing woman should consider:

  • Research divorce professionals: an attorney, a financial planner and therapist. All of these people can provide solid advice that you may need during this trying and emotional time.
  • Assemble your financial documents: This would include tax records, credit card statements, bank accounts, mortgage statements and insurance policies.
  • Make sure to check your credit report: Monitor your score and check the activity. Keep this in mind: Did your husband make some questionable purchases? If so, keep track of them.
  • Open any new financial accounts in your name only: You’re on your way to becoming a single woman again. Consider opening any new accounts at a different financial institution from where you may have a joint account with your husband.
  • Get a credit card of your own: If you have limited or no credit, start off by obtaining a secured credit card. This will help you build credit and then eventually allow you to get a regular credit card.

Sometimes you have to make quiet preparations for a divorce, but they are preparations nonetheless. Financial disagreements continue to surface as a major reason couples separate and divorce. If you don’t want to be among this group, you’ll have to do your homework and not be afraid to talk about money with your spouse.

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