Pre-Divorce Planning

Divorce can be very stressful on all members of the family.  You will be better off emotionally and financially if you take the time to plan carefully.  Adequate pre-divorce planning can help protect you and your family financially. If you suspect your spouse may be considering filing for divorce, then you should also take steps to protect yourself financially.​​

• Start an Emergency Fund. 
  • Begin by setting money aside that you may need in case your spouse refuses to pay expenses or empties your joint accounts.
  • Open an individual bank account in your name at a bank where your spouse does not do business to ensure that your spouse does not access the account. Keep your emergency fund in this separate account. Be prepared, however, to make full disclosure to your spouse of this account and all transactions during the divorce proceeding. This account is meant for preservation for emergencies, and not for concealment.
• Keep your non-marital assets separate.  If you have pre-marital or non-marital assets (i.e. inheritances, gifts, etc.) do not comingle these assets with joint marital assets. Keep these separate assets in separate accounts. Comingling your assets may result in your pre-marital or non-marital assets being declared marital property and subject to division with your spouse during the divorce.
• Obtain and Make Copies of Important Financial Documents:
  • Tax returns - both individual and business returns
  • Account statements - bank accounts, investment accounts, retirement accounts, etc.
  • Financial statements for any businesses
  • Stock Certificates, car titles, deeds to real property and bonds
  • Real Estate Appraisals
  • Personal Property Appraisals (e.g. those made for insurance purposes)
  • Wills and/or Trust Documents
  • Credit Card Records
• Safe Deposit Boxes:
  • ​Inventory, take photographs, and create a list of the contents of any safe deposit box to which you or your spouse have access.
  • Obtain a separate safe deposit box solely in your name for your use. Store important documents and records, including those listed above, in the box.
• Inventory of Property
  • ​Make a list and photograph any valuable property that your spouse might hide or move. 
  • Make a list of any mail received from brokerage firms, banks, insurance companies, and credit card companies so you know what assets you and your spouse own and where those assets are located.
• DO NOT sign any contracts, promissory notes, deeds, mortgages, or other similar documents before consulting with an attorney.
• Consider forwarding your mail to another location or a PO Box to prevent your spouse's interception.
• Consider Lifestyle Changes.  It is important to think about how your divorce may change your lifestyle and that of your children. Some common changes that may occur during and after divorce include: 
  • Changing where you live.
  • Changing your children's school.
  • Relationships with mutual friends and family may change.
  • You may see your children less often and will need to learn to co-parent.
  • You may need to change your budget and/or spending habits because there may be less income available and fewer assets to draw upon.
  • If you were not involved in the family's finances, you will need to educate yourself about your family's income and expenses to be able to plan for the future.
• Obtain Emotional Support.
  • Recognize that the divorce process can be lengthy and emotionally draining.  Maintaining a healthy lifestyle and a strong circle of friends and family will help you approach your case more effectively.  
  • Don't be afraid to ask for professional help.  Should you need professional assistance, we can assist you in locating a trained therapist, doctor, or other professional best suited to your issues.
• Redefine Long-Term Goals.  After taking a good look at what your current financial situation is, you need to make new, realistic long-term goals for your financial future.  You may need to increase the amount of money you put towards your retirement or the amount of money for children's college funds. It is also a good time to take stock of your career path and decide whether additional schooling or training would be beneficial to your career and increase your earning potential.