When you’re just considering divorce: These are things you can do to be more prepared in case you choose to divorce at some point in the future. While there are non-divorce related reasons for most of these actions—many married couples have checking and credit accounts in their own names and it’s good to have a detailed record of your valuables for insurance and estate planning purposes—they can still tip off a suspicious spouse that you are considering divorce. You will need to weigh your need to feel prepared with the possibility that you may tip your hand before you’re ready. It’s an individual decision that only you can make.
£ Checking Account. Open a checking account in your name. If your spouse is aware that you are considering divorce, try to agree with your spouse how you will split the cash in your joint accounts. If you are still living together, you will need to determine how you will divide household expenses.
o If you are worried that your spouse will withdraw/spend all the money in your joint accounts, take half of the balance and put it in a separate account. The intent is not to hide it or spend it all, but just to make sure it is available later.
£ Credit Card. Open a credit card in only your name. If your spouse is aware that you are considering divorce or if you’re afraid your spouse will max out the cards out of spite, consider closing or freezing joint accounts and working to pay them off with your joint funds or transferring balances to cards that you each hold in your own names.
£ Cash. Set aside enough cash to cover two weeks’ worth of expenses. The intent is not to hide this money, but to have enough to live on should your accounts be frozen.
£ Credit Report. You should order a free credit report every six months or so to ensure that your spouse hasn’t applied for any more joint credit cards or loans.
£ Safe Deposit Box. If you have a joint safe-deposit box, make a list of its contents and ask the bank to require both signatures to open the box.
£ PO Box. Consider opening a PO Box in your name to ensure your spouse cannot access your mail.
£ List of Valuables. Make a list of the valuable household belongings (jewelry, electronics, vehicles, antiques, other items worth more than $500) including a description, photograph, serial numbers, and copies of title and registration when appropriate.
£ Passwords. Change the passwords for your ATM, online bank accounts, email and any other online accounts that your spouse may be able to access.
Once your spouse is aware that you are seriously considering divorce or papers have been served.
£ Complete all the items under “Considering Divorce”
£ Freeze Joint Investments. As soon as you begin divorce proceedings, freeze all joint investments accounts so that nothing can be withdrawn or loans taken out against them.
£ Retirement Account. If your spouse has a retirement account in his/her name, request a copy of the current account statement and documentation on how the plan works.
£ Car Insurance. Switch your car insurance from a joint policy to a single policy to ensure your rates won’t go up as a result of your spouse’s accidents or tickets. If you only have one car or if you’re not sure who will end up with each car, you may need to continue the joint insurance until ownership is determined by the court.
£ Life Insurance Beneficiary. Change the beneficiary on your life insurance policy and any retirement accounts.
£ Powers of Attorney. Cancel or destroy any powers of attorney that you may have executed which would give your spouse authority over your affairs.
£ Health Care Directive. Amend your health care directive to remove your spouse or in-laws as agents who would be able to make your health care decisions should you become incapacitated.
£ Keys. Ask your spouse to return his/her set of keys to your vehicle as well as any keys your spouse may have for your parent’s home or other relatives.
£ Bills. If you move out of the house, be sure to have your name removed from any household bills.
£ Home Security. Once your spouse has moved out of the home, change the locks, the password to the home security system, the code to the garage door, the code to the voicemail mailbox, the code to the home safe, and hide your spare keys in a different place.
A few things not to do:
£ Home Owners/Renters Insurance. Even if you move out of the home, be sure to keep your name on any home owners or rental insurance policy to protect your share of the home and/or your belongings that are still in the home.
£ Will. Do not change your will until after the divorce is final, but get a copy of your current will and start thinking about how you want to change your estate plan. Make an appointment with an attorney soon after your divorce is final.
£ Utilities. Do not turn off utilities if your spouse is still living in the house.
Amanda Swanberg of Swanberg Law Offices is a co-founder of SlidingFeeAttorneys.com. Amanda practices in the areas of Family Law and Mediation and is happy to offer you a free consulatation. Please call 612-670-9626.
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