Marriages come with many difficulties, and some of the most trying involve finances. As a person attempts to share finances with an estranged spouse in Indiana, it can be easy to overlook some sources of spending. It is important for anyone with an estranged spouse to be aware of joint financial liabilities and take steps to prevent further losses.
Close joint accounts
Many couples have joint credit cards, bank accounts or other accounts with access to money. Sometimes, an estranged spouse may quietly max out a credit card. Another person may try to drain a joint bank account. Credit accounts are especially concerning since they come with interest and may have high limits in some cases. For those who are facing a divorce with an estranged spouse, it also helps to understand potential post-divorce financial mistakes beforehand and avoid them after the divorce.
Create a postnuptial agreement
Attorneys who work in family law sometimes help couples create postnuptial agreements after they marry. This type of agreement may be an option for someone with an estranged spouse who lives elsewhere. A postnuptial agreement helps specify asset allocation and other important factors that can make a potential divorce less burdensome in the future.
In some marriages, one person may have a spending problem due to a lack of self-control, an addiction, bipolar disorder or another reason. It is important to document the irresponsible spending of an estranged spouse. People who have legal representatives can also let them know about their spouse’s reckless spending. By taking steps to safeguard individual finances, people who have an estranged spouse can protect themselves more effectively whether they plan to divorce soon or remain living apart.