We all want to believe that our marriages can stand any test but truth is, there’s no surety of anything in this life. Whether it’s the result of a personality clash, adultery or simply falling out of love, divorces happen more often than you’d like to imagine. Sure you might have just gotten married or are happily married by the time you’re reading this but you never know what’s going to happen in the future. While it might be an emotionally harrowing time, it’s important not to lose sight of the bigger picture. You need to protect yourself, your kids, and your future, and that means getting your finances in order — pronto. Here are some ways you can insure yourself financially in case you find yourself walking down the sour path of divorce.
Get a prenup
If you’re not already married, you, my dear, are in luck because you have it the easiest. Even so, it might be the hardest for you to consider insuring yourself financially in case of a divorce. But remember is better to be safe than sorry. A prenuptial (prenup) agreement a sort of contract that two people planning to get married get into to outline how property will be divided in the case that the marriage comes to an end.
To insure yourself financially in case of a divorce, prenuptial agreements are very much recommended because they provide peace of mind so that in case of any unfortunate eventuality one is covered. They also ensure that there’s isn’t any back and forth when it comes to the division of property during a divorce. All you need is to get a lawyer who can draft the document so that its legality is upheld in a court.
Ensure property is listed in both your names
When you buy or acquire an asset, I’d recommend that you have the property listed in both your names. Take, for example, you decide to get divorced from your husband or he leaves you and all the property you both acquired is listed in his name. It can be very hard to convince a judge that you did contribute to the acquiring of the said property. This is because in some cases, a judge might require that you show proof of having contributed to the acquisition of it. Therefore, to insure yourself financially in the case that a divorce occurs, insist on having your name on any family property.
This might sound far fetched but it’s safer to keep receipts of all contributions you may make towards the buying of any family property. In some cases where spouses have taken each other to court in pursuit of fair division of property, judges have asked spouses to produce receipts as proof of contribution. I understand the difficulties of keeping receipts over the years, but as I said, it’s better to be safe than sorry!
Have separate accounts
It’s okay to have joint accounts when you’re married — I have nothing against it. It actually encourages good spending behaviour and accountability when it comes to family finances. However, say for example you have had a joint account with your husband since you got married to each other but then you’re now down the road of divorce. The last thing you want is for a petty spouse to leave you without any cash, but it happens. So to insure yourself financially during a divorce, having separate accounts is recommended.