One of the most critical considerations for Minnesota couples going through a divorce is to determine how they will split their assets. The longer a couple has been married, the more difficult this step becomes. Yet, what do you do if your spouse suddenly goes on a spending spree prior to the final decree? Consider these steps to protect your assets and your credit.
Mental disorders that affect decision-making
Although not all people are affected in this way, an impending divorce can bring on manic episodes for some, which can include bad decision-making that leads to excessive spending. A critical step that you can take with an overspending spouse is immediately terminating joint accounts whether credit cards or banking accounts. By not pooling your resources, you’ll have some control over assets only in your name.
Another step that you can take if you are only considering divorce is to write a postnuptial agreement. Similar to a prenuptial, this document specifies how assets should be divided. The only difference is that you create it while you are married.
If you are amid divorce actions, express your concerns about excessive spending and provide documentation when you file affidavits about your income and expenditure. These figures will ultimately factor into how your assets will be divided.
Confide in those helping you with the divorce
You shouldn’t bear the brunt of your spouse’s excess spending alone. Tell trusted professionals about the spouse’s excessive spending problem so that they can suggest solutions and propose options.
Working with professionals like financial planners can help you make the best decisions to protect your assets. Valuing your assets as soon as possible in the divorce process when your spouse overspends is essential to safeguard your interests.