During divorce proceedings there are certain things that are considered a no-no when it comes to marital assets. Hiding money, emptying accounts and selling property are things that can get divorcing spouses into trouble. While the consequences of these big financial moves are usually pretty well understood among divorcing couples, there are some minor financial needs that are somewhat confusing.
Regardless of incomes or how the divorce is being handled, some people may wonder what the correct method is to paying individual living expenses during divorce. The rules for how to treat marital assets during divorce are fairly straight forward. And for any confusion past that is nothing a quick discussion with a divorce attorney can’t handle.
You and your soon-to-be ex will both have living expenses that need to be covered during your divorce. Generally speaking, 50 percent of your joint bank account balance can be withdrawn to cover them. Your attorney may advise you on how to handle accounts with significant balances but typically half of every joint account is yours to use. Other accounts that are not joint may still be considered marital property and subject to division but for the sake of making property division easier, you may be advised to leave it alone.
While you may be frugal about your spending during divorce, not everyone is. And in the event your marital assets go missing, recouping some of the lost money may be difficult unless you have kept an eye on the spending habits of your soon-to-be ex. Until the divorce is final spouses are usually advised against big purchases unless already agreed upon. In the event a big purchase like a car or home is necessary, speaking to your attorney can help keep the transaction from adversely impacting the outcome of your divorce.