Can I Spend Money While Going Through a Divorce?

When people think of divorce, their minds immediately jump to emotional distress and struggles over support and child custody. But divorce is a process that involves far more than those important elements. Years of contracts and financial accounts will need to be unwound and separated from each other: the longer a marriage has lasted and the more assets and accounts established, the more complex the process can be. Most people have established joint accounts that make accessing and spending money complicated. Depending on your situation, you may need to go through complex negotiations before you can spend significant money. As frustrating as it may seem, before making any significant spending decisions or moving money in or out of joint accounts, it’s important that you seek guidance from an experienced divorce attorney.

If both you and your partner have maintained separate bank accounts throughout your marriage, the process can be simpler, but those situations are less common, and that practice does not change the fact that money earned and saved during your marriage is considered marital property. In some jurisdictions, filing a divorce will automatically activate a legal process that prevents either of you from making large financial transactions or withdrawing large sums that would impact your marital estate. The goal is to ensure that assets remain intact so that equitable distribution can be completed fairly, with neither of you being adversely affected by the other’s spending on extravagant expenses.

While all this is true, it’s also true that you may need to find alternate living arrangements or spend money on your children or other necessities like utilities and food. A divorce attorney can help you establish a way for you to access funds or spend your earnings without creating a problem. This may involve obtaining your partner’s consent or filing for a court order. Our

As you attempt to navigate the complexities of your divorce. Be sure to keep track of any money that you spend, holding on to receipts and any correspondence between you and your spouse. Putting all requests and agreements between the two of you in writing may be invaluable down the road, especially if things become more adversarial.

For more information on the dos and don’ts of divorce, contact us today.