Planning to Leave Your Career for Your Family? Take These Measures to Protect Yourself

29 March 2017
 Categories: Law, Blog

Many people who drop their careers when they get married or have children regret the decision if their marriage ends in divorce. The regrets are usually financially related, when asset division, child support, or spousal support don't seem fair. In most cases, this leads to a bitter and acrimonious divorce process. Therefore, if you are planning to leave your career for your marriage, take the following measures to protect yourself: 

Maintain Awareness of Your Family's Finances

Just because you are not working, it doesn't mean that you don't have a say in your family's financial budgets. Resist the urge to take a backseat in financial matter. This means you should know how much your partner earns from their day job as well as any side jobs. You also need to know how much you are using to run the home. This way, your partner will find it difficult hide assets from you if you divorce, and you will also find it easier to estimate your post-divorce expenses.

Establish a Credit History

Having a credit history in your own name is smart. A good credit score will help you to rent a house, buy goods on credit or even take a loan if you do divorce. The easiest way to do this is to apply for a credit card (aside from your joint credit cards) and use it to shop regularly. Even if either of you cancels your joint bank accounts if you divorce (an advisable move), you will still have something to fall back.

Have a Separate Bank Account

It also helps not to rely solely on your partner's bank account or your joint bank accounts; have a separate account in your name. There are two major advantages to having a separate bank account. First, it teaches you financial management, a skill you will desperately need if your marriage ends in divorce. Secondly, it also allows you to save some separate money to support yourself during and after a divorce.

You don't want to find yourself in a situation where you are divorcing, have no money, and your partner has locked you out of the marital funds. Sure, the court can protect your legal rights to your finances, but it may take some time and having some money to rely on won't hurt.

Whatever situation you are in, however, a divorce attorney at offices like Baudler, Maus, Forman, Kritzer & Wagner, LLP can help you sort out your financial issues during a divorce.