Divorce is not an overnight process. It is likely going to take months, even in the best of cases, where you and your spouse agree on the terms. If you disagree, that just makes it take even longer.
During this process, and even in the months leading up to the initial divorce filing, it is important to keep an eye on your spouse’s spending. There are some issues you could watch out for that may impact property division.
Dissipating assets
One example is if your spouse starts spending down family assets in a way that is far outside of the norm. Standard spending is to be expected, as everyone has to pay the bills, even while getting divorced. But if your partner starts spending money rapidly and in a way that they did not before, they may just be trying to waste or dissipate marital property so that you lose out on your fair share during property division.
Accumulating debt
Similarly, you want to look for excessive spending on joint accounts, such as a shared credit card account. Remember that you are not just dividing marital assets, but also dividing debts. If your partner spends aggressively right before divorce, you do not want to get stuck with half of their debt in the divorce. It’s often wise to close joint accounts as soon as you can.
Exploring your legal options
These are just a few of the financial issues to keep in mind as you approach divorce. At this time, it is important to understand all of your legal options and what steps you should take.