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FAMILY LAW ARTICLES

June 11, 2021
Arranging Your Finances – An Exit Strategy

Anyone who is planning on leaving a marriage should have exit strategies in place. Typically, most of these involve arranging their finances, so they are in a good position. This is a broad topic, and the details of each person’s situation may be different. The first step toward leaving a marriage is understanding where you are financially and where you want to be. This will also help in remaining economically stable after your divorce.

Don’t Move Money Right Before You File

Moving money around is one of the biggest red flags someone can do to try to remain on top financially after a divorce. If a lot of money is leaving a joint account, or if a person is trying to move stocks, bonds, or other securities without the knowledge of their spouse, that can get them into trouble. It may also not be possible to move money during a divorce proceeding because the law has rules and procedures for spousal protection.

In many cases, there will be temporary restraining orders that go into place. These orders can be stopping both spouses from moving money, taking children out of state, and performing other actions that the court deems would not be in the best interest of protecting minors or settling financial aspects of the marriage fairly. These restraining orders are different from those typically issued where one party stays away from another party. Instead, these temporary restraining orders restrict the ability parties can do with things like joint accounts.

Insurance is an Area to Consider

Once you sign a petition for dissolution of marriage, you cannot make any modifications to insurance policies. That includes home, life, health, and others. However, you may make changes before signing the petition, so you want to consider that carefully. Suppose you’re carrying most of the financial burden for your family’s insurance, or you’re providing your spouse with healthcare coverage through your employer. In that case, you’ll want to think about those kinds of issues before filing for divorce. 

If your spouse’s insurance covers you, you may want to start looking for your own before signing a petition for divorce or filing for it. That way, you can find the insurance you need and separate that aspect of your life before moving to divorce. You won’t have to try to settle the insurance issue as part of the divorce, making it easier for you to agree on financial aspects.

Work With Professionals Who Can Help

Make sure you’re working with an attorney when you’re considering a divorce. That way, you can make any adjustments to your finances, insurance policies, and other parts of your life legally and properly, so you aren’t breaking the rules by making changes. By reaching out to us at Hartley Lamas Et Al today, you can get the help and support you’re looking for to make the divorce process more manageable.

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