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Pursuit of Your Best Self Tip #9

Pursuit of Your Best Self Tip #9

May 07, 2024

If you are contemplating a divorce or feel like your spouse may be, then you might wonder whether you should open your own separate bank account and begin stashing some cash for yourself. The right advice is: maintain the status quo until the divorce is finalized unless you have a good reason not to.

Tip #9: Think about opening a separate bank account and saving your own money!

I say maintaining the status quo is the right advice because there are always exceptions to the rule. If both you and your spouse’s earnings have always been deposited in a joint bank account, there is probably no reason for you to open a separate bank account until the divorce is finalized. Additionally, the logistics of who pays which bills is another pivotal decision that could lead to establishing separate bank accounts.

We know that life is unpredictable and there is no cookie-cutter answer for everyone. There can be unique situations and exceptions to the rule. One such exception is if your earnings are the only source of income deposited in the joint account and your spouse is either unemployed or underemployed and has been “squandering” or removing the funds from the joint account without a mutual agreement. Then for sure, I would open a separate bank account.

Another exception, well at least it was in my own situation, was I had been a stay-at-home mom for 5 plus years. I had no source of income on my own. My earnings capacity was there but I had no regular job at the time of my summer from hell. Therefore, I stashed away ten bucks here and twenty there when I could and put it in a safe place. My intention was this would be money I would use to secure an attorney if it came down to divorce. In my heart, I wanted to believe that my husband would do the right thing but, in my head, I was planning for the worst. Hence my motto: “hope and pray for the best and plan for the worst.”

I am not telling you to do what I did but rather sharing my thought process and how I handled things. Each one of you knows your own situation and marriage. All I am saying is, when a person is scorned, they will do unexpected things. So, keep your eyes open, your business hat on, and your heart in check. Keep in mind, though, that the funds in your newly opened bank account may still be subjected to equitable division in a divorce!

Pursuing Your Best Self

In my book, Unforeseen Exit: When You Find Yourself Facing Divorce & Suddenly Single, I tell my story of navigating an unforeseen divorce. By openly telling my story, I want to provide guidance and support to those who have found themselves in similar circumstances, so they can pursue their best self personally and financially!

For more information on how I can support you as your financial planner, schedule a discovery meeting with me today!