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Ensuring for financial stability while going through a divorce

When a wealthy couple divorces, the divorce process can be lengthy and complex in nature. While most divorcing couples are focused on ensuring they receive their fair share of marital assets post-divorce, many fail to plan for their financial security while going through a divorce.

In the majority of households, husbands still earn more than their wives and control household finances. Not having control over financial matters can be detrimental when going through a divorce. In some cases, a woman may not have a firm understanding of important financial matters such as household income, debts, total assets and how those assets are held.

 

One of the most basic and often troublesome financial problems occurs when a husband files for divorce and the assets in a jointly held account are froze. If a woman has no other means to access liquid assets, she may have difficulty paying for daily expenditures as well as the actual divorce.

In order to ensure for financial security while going through a divorce, women who plan to file for divorce are advised to secure a bank account in their name and fund this account accordingly. For those who are not able to secure an account solely in their name, it's important to withdraw funds from a joint account prior to either spouse filing for divorce.

With an impending divorce, it's wise to be cautious when withdrawing funds from a joint account. In most cases, a spouse is legally entitled to 50 percent of assets held in a joint account. In high net worth divorces, however, there are often a number of accounts and other assets that may impact the amount each spouse is entitled to prior to a divorce being finalized. Due to the complex nature of high asset divorces, it's wise to contact a divorce attorney who can provide specific and individualized information and advice.

Source: Forbes, "Divorcing Women: When Can You Withdraw Funds From Joint Accounts?," Jeff Landers, Sep. 17, 2013

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