Create Your Own Savings Before Filing for Divorce

 Posted on February 19, 2019 in Divorce Finances

Being able to afford your divorce may be one of your largest obstacles when you are considering whether to end your marriage. You will need enough money to hire a divorce attorney and support yourself when the process starts. You cannot rely on being able to immediately access the money in your marital accounts, which may be frozen. If you are financially depending on your spouse, it could take months to establish spousal maintenance payments. In order to afford a divorce, you can start saving money while married and consider other sources of financial support.

Emergency Fund

You need a source of money that is independent of your marital bank account. It could be an individual savings account or cash, as long as it is secure and easily accessible. Your savings should come from individual sources of income because taking the money from a joint account will draw suspicion from your spouse. The money could be:

• A portion of your regular wages that you divert into the account during every pay period;
• Gifts that you receive from family and friends; or
• Earnings that you receive from doing various jobs.

You should use this money only for divorce-related expenses and your basic living needs after filing for divorce. While an emergency fund can stay secret during your marriage, you must disclose it during your divorce because the money could be marital property. Keep a record of where the money in the account came from. Your spouse may have an emotional reaction to learning about your emergency fund. Expect that he or she will be upset with you and demand that you explain.

Financial Support

You may need more than an emergency fund to start a divorce if you did not have the time or disposable income to save enough money. You should consider other sources of immediate support, such as:

• Opening your own credit card account;
• Creating a loan;
• Receiving social services benefits; or
• Asking family members for help.

You may be at a disadvantage during your divorce negotiations if you are relying on your spouse for your immediate financial needs. He or she could use that as leverage to get you to agree to less favorable terms.

Contact a St. Charles Divorce Attorney

You should not be forced to stay in an unhealthy marriage because you cannot afford to divorce. A Kane County divorce attorney at Goostree Law Group can help you figure out how to support yourself and pay for your divorce. To schedule a free consultation, call 630-584-4800.

Source: 

https://www.theadventurouswriter.com/quipstipsrelationships/how-to-save-money-for-a-divorce/