Divorce and money
Divorce December 27th, 2007
Divorce can have a financially devastating impact on your finances. If you’re a woman who has gone through a divorce (and you feel like sharing), what advice would you give someone regarding the financial aspects of divorce or marriage?
December 28th, 2007 at 10:23 am
Always be involved in the finances during the marriage; know what you have and where it is! This is helpful in the case of death or divorce–you need to be able to tell your attorneys what there is to find in either case. Plus, being in the know creates a checks and balances system during the marriage for spending and saving. You might assume your spouse is contributing to a 401k at work and be dead wrong. Instead, he/she may be racking up credit card debt on purchases you know nothing about.
Maintain your own credit history with at least one individual credit card or loan in your name only. I’ve known many widows/divorcees who suddenly find themselves with no credit (or bad credit). This means they can’t get good rates on new loans or refinances, insurance premiums sometimes go up, etc.