Divorce and financial issues

When a divorce action is filed, most women in Wisconsin and elsewhere are initially concerned with how they will pay for living expenses until their situation is finalized. Even affluent women sometimes have difficulty determining how they will pay for a competent legal team to secure their divorce settlement because they do not know how much money they have or where it is invested. Women who are unaware of their complete financial situation can end up victims of husbands who may play dirty tricks during the divorce process.

When a divorce is filed, withdrawals from joint banking accounts may be restricted through an Automatic Temporary Restraining Order, a court order that restricts either party in a divorce from making certain financial decisions when the process begins. Thus, women thinking of divorce should withdraw money from their accounts beforehand and set it aside for their needs. However, just how much should they set aside, and when should they do so?

Answers to these questions are difficult to answer and depend on each couple’s particular financial situation. When divorce is imminent in a woman’s future, her best course of action may be able to sit down with a divorce and family law attorney to go over the legal implications of each option.

Women about to divorce may do well to take every option that they can to protect themselves. Experienced family law attorneys may be able to guide women through financial considerations prior to filing for divorce. During the divorce process, family law attorneys may be able to give advice on financial and legal considerations that women need to make to make to give themselves a secure start in a new life.

Source: Forbes, “When Can You Withdraw Funds From Joint Accounts?“, Jeff Landers, September 17, 2013