Talk of separation is often a financial wake-up call, especially if you’re not the primary earner in your marriage. When your spouse makes all the money and pays all the bills, what are you supposed to do if you split up?
Evaluate Your Potential
If you’re not earning anything, your Raleigh divorce lawyer might suggest that you start looking for work. While you may be able to get alimony, and child support if you have children, you’ll still need to be able to fend for yourself soon.
Take stock of what you already have, including savings accounts, checking accounts and anything else you can use as income.
What Your Lawyer Might Advise You to Do
Your Raleigh divorce lawyer may tell you to set up your own bank accounts – those that you will not share with your spouse. Because you’ll need your own money, particularly if you have to move out of your marital home or will be responsible for paying the mortgage in it if you stay, it’s a good idea to start building your reserves as soon as possible.
You can’t rack up your soon-to-be ex’s credit card debt, and you can’t drain all of the money from your joint accounts, either. Before you do anything drastic, make sure you’ve talked to your attorney. In fact, you’ll need to keep your lawyer in the loop about everything, including when you get a job and how much you’re making (your salary might affect your child support or alimony payments).
Untangling Your Finances
Separate your finances from your spouse’s to whatever extent is possible. For example, if you’re both listed on the utility bills but you won’t be staying in the marital home, talk to your lawyer to find out if you should remove yourself as a responsible party. This can prevent mix-ups when you do move (and prevent your spouse from sticking you with a bill you aren’t actually responsible for).
The key to handling financial matters during divorce is keeping your attorney involved. He or she can provide you with guidance that’s applicable to your unique situation and help protect you under North Carolina law.
