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How to get financially ready for a divorce

Prior to getting a divorce, it can be a good idea to review financial documents and create a financial plan for life as a single person. Kentucky residents and others in this situation could benefit by getting documents such as bank statements, credit reports and others with important information on them. They can be held in a safe place such as at a bank or with a friend to keep a spouse from getting them.

Those who are preparing to divorce should get credit cards in their own name. They will also want to get a checking and savings account in their own name. This will provide a newly single person with the ability to gain financial independence as soon as possible. Individuals who didn’t work while married could still obtain credit based on a spouse’s income. This is stipulated by the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009.

Before applying for a credit card, it is worthwhile for a person to obtain a copy of his or her credit report. This can make it easier for a person to find and remove any inaccurate information or learn about hidden accounts a spouse may have taken out in his or her name. Knowing about hidden spending can come in handy during divorce negotiations.

An individual who has an understanding of his or her financial picture may be better prepared for divorce negotiations. Those who can show that they make less than their spouse could be entitled to spousal support. Child support amounts may also be based on how much the other parent makes. An attorney may be able to work with a divorcing individual to both gather and use financial reports during negotiations. Doing so may increase the chances of a favorable settlement.