Before you file for divorce, some financial decisions can affect how your case plays out and what you walk away with. Many people make the mistake of acting too soon or without understanding the long-term impact. Here are 3 financial moves you should avoid before you file for divorce.
Moving or hiding money from your spouse
Trying to hide assets or move money to protect it can backfire. Courts may see this as an attempt to deceive, which can damage your credibility and hurt your case. It’s better to be upfront about your finances and work through the legal process rather than taking matters into your own hands.
Draining or using joint accounts excessively
Withdrawing large amounts of money from a joint account may look like you’re trying to deplete marital assets. This can negatively impact the division of assets in your divorce and raise questions about your intentions during the proceedings.
Making major financial changes
Selling property, taking on new debt or making other big financial decisions before divorce can change the overall picture of your assets and liabilities. These moves can complicate the division of property or make it harder to assess the actual value of what you’re entitled to.
Make your next financial move a careful one
If divorce feels close, slow down before you start rearranging money, accounts or property just to feel more in control. The move that gives you temporary relief can end up creating a bigger problem once your finances are under a microscope. If you are not sure what to do first, talking with a divorce attorney can help you understand your options and make decisions that do not come back to haunt you.
