Pre-Divorce Strategies

Even if you are just thinking about the possibility of divorce, it is imperative that you take certain steps to protect both your interest and the interest of your children. Inasmuch as approximately 50% of marriages in today’s day and age end in divorce, if you are contemplating a divorce, your spouse is probably also contemplating a divorce. Therefore, there are certain steps that should be taken to protect yourself. None of these steps should cause a divorce to occur.

• Obtain copies of all tax returns for the prior five years. This includes both the federal tax returns, the state tax returns. Additionally obtain copies of any corporate tax returns that you and your spouse may have filed. Make sure that you have a complete set of each, including all attachments and schedules. Make an extra copy for yourself so it is readily available for you and your attorney when and if the time comes. Do not take the tax returns so that your spouse can’t find them.
• Prepare a list of all assets and liabilities.
• Obtain copies of all insurance policies, including: life insurance policies, automobile policies, umbrella policies and medical insurance policies.
• Obtain a list of all credit cards that are in joint name, your name and your spouse’s name. Obtain copies of one year’s statements for all of these accounts. Obtain a list of all bank accounts that are in joint name, your name and your spouse’s name. Obtain copies of all bank statements and cancelled checks for the last twelve (12) months.
• Obtain copies of pension plans, profit sharing plans and 401k plans. Usually, between January and March of each year, there are year end statements generated for every participant in a pension plan, profit sharing plan, employee stock option plan, 401k plan and IRA account. Make an extra copy of each of them.
• Obtain copies of all stock accounts.
• Establish credit in your own name. It is easier to obtain credit in your own name prior to a divorce being filed than subsequent to a divorce, with the volume of credit card solicitations that are mailed daily, unless you and your spouse have disastrous credit in which case it wouldn’t matter.
• Do not incur any additional debt. Do not sign a home equity loan. Do not enter into a contract to buy a new house. Do not sign any business loans. Do not plan any extravagant vacations.
• Do not liquidate any large assets.
• Finally, keep a low profile. By this I mean, if you are having an affair be discreet. Do not get into verbal or physical altercations. Walk away from a hostile environment.
• Find a lawyer.