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How to fairly set aside funds to cover divorce expenses

There are few universal truths that can be applied to the process of ending a marriage, except perhaps that no degree of preparation is ever excessive. Colorado spouses should make every effort to be prepared, both emotionally and financially, for any set of circumstances that their divorce might present. That includes an angry or bitter reaction from one's spouse, and efforts to derail the divorce process before it even gets started.

One way that spouses may lash out at one another is by taking steps to limit access to marital funds. Some spouses will go so far as to close joint accounts, place restrictions on a partner's ability to access accounts or remove their spouse's names from joint credit cards and other lines of credit. All of these actions can make it very difficult to pay for the initial legal expenses related to a divorce, as well as setting up new housing arrangements.

In order to avoid a negative outcome, spouses should take steps to set aside a portion of marital wealth prior to initiating a divorce. It is important to take a conservative approach, as cleaning out the family savings account or running up large credit card debt is not likely to play out well if the matter ends up in court. However, spouses can certainly transfer a reasonable amount of money into an account in their own name, or take other steps to ensure access to marital funds.

Under the best case scenario, this level of preparation will not be necessary, and any funds moved to a new account will simply be included in the property division process. However, for those Colorado spouses who encounter an angry reaction from their partner, these preventative efforts may pay off many times over. Having a degree of financial security can make divorce far easier to navigate, both emotionally and financially.

Source: finance.yahoo.com, "How to keep from losing everything in a divorce, in 6 steps", Emmie Martin, Feb. 1, 2017

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