When you have finally decided to leave your partner, it is important that you also decide to take control of your finance and start becoming independent.
There are many ways to present how you can secure your money and gain financial independence before you finally step out of your house.
- Open Personal Banking Account
If you do not have an account in any bank, get one way before telling your partner that you want to give him the divorce. Open both saving and checking accounts. Even if you are not talking to your partner do reveal this information to him. Tell him why you need this. Don’t just open account, start depositing a certain amount of money in it every month. This amount should be kept untouched, you would need this money for paying different types of fees when you will opt to hire layer and take divorce officially.
This will also help you in making your decision firm pertaining to calling for a divorce. Save enough money in the account, so that you can pay different fees as well as living expenses if you are required to leave your spouse house.
- Keep Your Valuables with You
If you have some valuables and you don’t trust your partner anymore or if you are in an abusive relationship, then protect your valuables. If the valuables belong to you solely, means it was purchased by you before marriage or during the marriage, your spouse could not file any claim on it. But, if it has been purchased jointly and you think your partner can harm it or destroy it, keep it in your protection. At the time of settlement, the court will give you your share from those valuables.
- Close All Joint Accounts
There is no point in keeping joint accounts active even after divorce. This will only increase complications in final settlements. If you and your spouse both are holding any liability together like home loan, vehicle loan or so, ask your bank to give you some suggestions, how you can deal with things. Call off all the accounts that require your partner’s signature to its access. After closing all accounts, open a single saving account or any other accounts that fit your needs and start saving for your future.
Do not try to withdraw half amount from the joint account because of you will do so and you partner’s take you to court for settlement, you will have to pay your partner’s portion of the money.
- Do Not Take Any New Debt
When you plan to get the divorce from your partner, all you want to do is secure your future and for this, you want to save more money. Spending by credit card will cut you off from saving money for the future. So, become more serious about your future and cut all your unnecessary expenses to have a stress free life.
- Document Everything You Have
Before filing divorce document everything that you can your partner jointly owns and that has any value. For e.g., if you have any property that you own jointly or jewelry make a list of it with pictures. Your partner will not be able to cheat you when you will have everything to show in court. Take copies of your bank statement, statement of investment account, credit cards details almost everything that you could document.
- Get Job Training
If you were not in the job or has not been associated with any income generating profiles, then it is important that you develop some skills that will give you financial freedom once you decide to get separate from your partner. Jumping to divorce without planning is a foolish idea and will make your life more miserable. By taking job training, you can assure constant an income for yourself in future.
- Don’t Ask for Alimony
Yes, it may seem surprising to you, but by asking for alimony you put yourself in trouble. Alimony is a taxable income. You will have to pay taxes on the amount you receive as an alimony. So, instead of asking for alimony do settlement and negotiate for a certain amount. Do not let your lawyer or your spouse’s lawyer use alimony word anywhere in the divorce paper.