Divorce is a complex and emotionally taxing process that can take a toll on anyone. It can be even more challenging when you discover that your spouse is intentionally inflating expenses before the divorce. This can feel like a breach of trust on top of an already difficult situation. It's important to remain level-headed and take calculated steps to protect yourself and your financial future. By doing so, you can ensure that you are not taken advantage of during this trying time.
It is crucial to understand the reasons behind your spouse's excessive expenses. There could be various motives behind their actions, such as trying to gain an advantage in the divorce settlement by depleting marital assets or increasing their debt. They may also be seeking revenge or attempting to create financial burdens for you.
Whatever their reasons, it's crucial not to let their actions dictate your response. Instead, in order to manage the current situation effectively, it is vital to prioritize taking charge of your financial situation and seeking professional legal advice. This will provide you with a clearer understanding of your options and equip you with the necessary tools to make informed decisions and move forward with confidence.
Taking Control of Your Finances
While it may feel overwhelming, it's important to regain control over your financial situation when your spouse runs up expenses before divorce. This involves several key steps:
Gather Financial Records
Understanding your current financial situation and detecting any discrepancies is crucial. Start by collecting all relevant financial documents. These may include bank statements, credit card bills, mortgage or rent agreements, investment statements, and other pertinent records. Gathering and reviewing these documents allows you to assess your financial health and make informed decisions about your future financial goals.
Assess Joint Accounts
It is crucial to identify which accounts are jointly held during a divorce and make informed decisions about their management. You may need to close or freeze some of these accounts, and it is advisable to seek guidance from your attorney to ensure that your assets are protected during this process. Your attorney can provide the best approach to safeguard your financial interests and help you navigate this challenging time.
Create a Budget
Creating a comprehensive budget is essential to achieving financial stability. By outlining all your necessary expenses and financial obligations, you can clearly understand your financial needs and make informed decisions about your spending and saving habits. This will help you stay on track toward your financial goals and avoid unnecessary financial stress.
Monitor Your Credit
It's crucial to keep a vigilant eye on your credit report regularly. By doing so, you can detect any suspicious activities or new accounts opened in your name without your knowledge or consent. This will enable you to take prompt action and prevent your spouse from causing further financial harm. Remember, being proactive and staying informed is critical to protecting your financial well-being.
Secure Important Documents
It is crucial to take measures to protect vital documents like birth certificates, passports, insurance policies, and property deeds from any potential damage or unauthorized access. Keeping these documents in a secure location prevents them from being tampered with, lost, or destroyed. It is recommended to store them in a fireproof safe or a safety deposit box at a bank. Additionally, it is advisable to make digital copies of these documents and keep them in a password-protected folder or a cloud-based storage service for added security.
It is crucial to gather concrete proof or documentation that proves your spouse's intentional efforts to accumulate expenses, such as frequent and excessive credit card statements or extravagant purchases. This evidence will be a valuable asset in court and help strengthen your case.
Explore Alternative Dispute Resolution
Consider alternative methods such as mediation or collaborative divorce, which can help you settle more amicably and efficiently, reducing the financial strain caused by ongoing expenses.
Remember, you don't have to face this challenging situation alone. Your attorney will be your partner throughout the process, fighting for your rights and safeguarding your financial interests.
Seek Legal Advice
When going through a divorce, it is not uncommon for one spouse to intentionally run up expenses to gain an advantage in the settlement. In such a situation, it is crucial to seek the guidance of an experienced divorce attorney who can help protect your legal rights and provide valuable advice. With their expertise, you can navigate the complexities of the legal process smoothly and ensure that you receive a fair settlement. Your attorney can guide you on the best course of action to counteract your spouse's financial tactics and ensure a fair division of assets and debts.
In conclusion, discovering that your spouse is running up expenses before divorce can be a distressing and frustrating experience. However, by understanding the situation, taking control of your finances, and seeking legal advice, you can confidently navigate this challenging period. Stay focused on protecting your assets and securing a fair settlement, and remember that you have the power to rebuild your life after divorce.
Trust The Experts at Leavitt Family Law
Leavitt Family Law Group has extensive experience, and our law practice focuses on all aspects of family law, including pre/post-marital agreements, divorce, post-divorce, child custody and support, alimony, and more. From straightforward amicable divorces to complex, high-conflict litigation, we provide superior legal representation to our clients at a reasonable cost. We work diligently to protect our client's rights and secure the best outcome for them and their families. For personalized family legal assistance in Henderson, Nevada, or anywhere in the Las Vegas Valley, call the Leavitt Family Law Group at 702-447-0084 or CONTACT US to schedule a Free 10 minute telephone consultation.