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Financial signs that divorce might be on the horizon

Divorcing is never easy, but for those in New Jersey who are blindsided by the announcement that their marriage is over, it can be even more difficult to bear. Having some time to mentally prepare for this life-altering event is critical to a successful outcome. While it is never possible to completely remove the risk of a shocking divorce announcement, there are certain signs of which spouses should be aware.

One of the things that could suggest that one's partner is thinking about divorce is a sudden and uncharacteristic interest in family finances. Part of the initial stages of divorce involves gathering documentation of financial matters, including bank statements, investment information and a full list of debts. If a spouse who was previously uninvolved in family finances suddenly takes a strong interest in these matters, it could be a sign that divorce is on the table.

A related issue is when a spouse begins actively pursuing new lines of credit in his or her own name. When a couple enters into divorce, one of the things that most attorneys will advise is that each party obtain credit. Those funds can be used to secure legal services, cover the cost of finding new housing or other expenses.

It should be noted that none of these things is an absolute indicator of a pending divorce. However, any of the actions outlined above should prompt an open and honest conversation between spouses. In some cases, a relationship can be saved if swift action is taken. For those New Jersey residents who find that their partner is serious about moving forward with a divorce, having the ability to prepare for that process, both mentally and legally, is key to a fair outcome.

Source: Barrons, "Financial Signals That Point to Divorce", Feb. 21, 2017

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