“Once there’s a separation,” states a financial adviser who works with divorcing couples, “people do weird things with money.”
That’s not surprising, is it? Practiced Florida family law attorneys know from long experience that asset-tied issues are a prime source of concern and acrimony for splitting married partners.
Money is flatly “a source of contention,” notes the above adviser, and it “can lead to a partner emptying an account or using money as a bargaining chip.”
How often does that happen?
Ask a banker. Or, alternatively, query a proven divorce legal team with a demonstrated history of diligent advocacy on behalf of clients dealing with financial strife.
They will tell you the same thing: If you’re headed toward a split, you probably want to take a close and timely look at assets you share with your spouse.
Like a joint bank account, for example, which a recent Forbes article emphasizes can turn quickly problematic if a marriage is approaching the finish line.
Here’s why such an account can engender a headache in a hurry: Essentially, it treats both holders as one individual, giving each of them equal access to conduct transactions.
The potential horror story tied to that is obvious: You might wake up one morning to find that your impending ex has totally depleted the account.
Safeguards can be taken to avoid that, and a divorcing party has legal rights aimed at recovering wrongly depleted marital assets.
The bottom line stressing money and financial matters in a failing marriage is that a timely and proactive stance can help identify potential issues and protect marital property.
An experienced divorce legal team can provide further information.