The financial repercussions of divorce may disrupt your goals for the future. If you were the spouse who had less involvement in the financial portion of the relationship, things might be even more complicated.
At the onset of your split, proactively gain access to all joint accounts. Keep a record of log-in details and monitor account activity. This may help you more effectively identify concealed assets.
You should receive regular statements outlining recent account activity for notable financial accounts. If your spouse redirects these statements to alternative addresses including an employer, a friend’s home or a P.O. box, you may have reason to worry. Diverting such information is a common practice for spouses trying to prevent their significant other from knowing the truth about their finances.
Request a copy of all financial statements from places such as your bank, 401k managers and the IRS among others. In the meantime, set up your own bank account and begin depositing your funds into said account. Keeping your money separate can prevent fraud and deception from interfering with your effort to rebuild your finances. CNBC suggests that you adequately plan for divorce before taking action, especially if your spouse has primary control of the finances.
Communication during divorce rarely happens without tension and disagreement. However, you should try to discuss critical topics related to your finances. For example, negotiate debt payments, close out shared utility accounts, suspend use of shared bank accounts and determine who will pay for expenses related to child care. If your spouse becomes combative and defensive when you ask about accessing accounts or activity related to shared finances, it could indicate suspicious behavior.
Involving your legal team in helping you track assets may prevent your spouse from doing anything unfair. Regularly monitor your accounts and know which assets you have so you can advocate for a fair settlement.