Team RPM
Responsive. Effective. Team-focused.
  1. Home
  2.  » 
  3. Divorce
  4.  » Financial control needed when divorce is looming

Financial control needed when divorce is looming

| Mar 22, 2020 | Divorce |

The writing is on the wall and it is only a matter of time before action must be taken. Once things get to this point, the Arizona spouse needs to begin prioritizing things and take stock of the current financial situation. Of course, it would be prudent if such action had already occurred; however, this is not always the case when a divorce is looming.

Financial concerns are often at the center of the divorce decision. In some cases, one begins to suspect that one’s spouse is not being financially honest. Perhaps this spouse is attempting to hide money in a secret bank account, or he/she may be attempting to hide debt that the other is unaware of. In either case, the individual will want to begin looking for evidence that such accounts exist. During the divorce process, each individual will be required to disclose all accounts; however, by knowing what there is ahead of time, there is less room for deception and surprise.

In other cases, the individual may want to begin stashing away funds to assist with divorce expenses. Such action may provide the Arizona resident with the funds necessary to begin a new life separate from the confines of an unhappy marriage. Again, it will be necessary to disclose such an account and perhaps even divide the balance with one’s soon-to-be ex-spouse; however, by going ahead and establishing a separate account, the individual can limit access to these funds so that they are available when needed.

Divorce is not something to be taken lightly. Yet, there may come a time when it is the necessary course of action. When this is the case, understanding and taking control of one’s financial situation is a prudent course of action.