How can someone plan for a divorce?
What will be an ideal response?
Answer: Hopefully you will only marry once and forever but the odds are not in your favor, unfortunately. It is critically important for both spouses to be actively involved in and aware of the financial decisions for the family. Maintaining your own personal credit during your marriage is essential. Making sure that the joint assets are titled properly also protects you from possible harm in case of divorce. Maintain your own checking and savings accounts and use a joint account for joint expenses makes sense and protects you from the other spouse having access without your knowledge. Use joint credit sparingly and limit your debt limits accordingly. Try to maintain communications and civility during the divorce to limit attorney fees. Make sure insurance needs are met and change beneficiary designations accordingly. If you are awarded alimony or child support payments, make sure the judge requires the payor to have adequate life insurance coverage where you are the policy owner and beneficiary.
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