Divorce is one of life’s most significant financial transitions. While the emotional challenges are considerable, protecting your financial interests requires careful planning and strategic action before you file. Taking the right steps now can significantly impact your financial security for years to come. Here are ten essential financial moves to make before filing for divorce.
Call one of our South Carolina divorce attorneys at (843) 270-7241 from Ballinger Law Firm for advice and representation from the start of the divorce process.
Before your spouse knows you’re considering divorce, collect copies of all important financial records. This includes tax returns for the past three to five years, bank statements, investment account statements, retirement account documents, mortgage statements, credit card bills, and loan documents. Also, gather documentation of any business interests, real estate holdings, and valuable personal property.
Store these copies in a secure location outside your home, such as a safe deposit box or with a trusted friend or family member. These documents establish your marital assets and ensure full financial disclosure during the divorce process.
Many spouses, particularly those who haven’t been actively involved in managing household finances, don’t have a complete understanding of the marital estate. Create a comprehensive list of all assets, including:
Similarly, document all debts, including mortgages, car loans, credit cards, student loans, and any other obligations. Understanding what you own and what you owe provides the foundation for realistic expectations about property division and helps ensure that nothing gets overlooked during settlement negotiations.
If you don’t already have credit cards and accounts in your own name, open them now. Many people rely on joint accounts or accounts in their spouse’s name, which can leave them financially vulnerable during and after a divorce. Building or maintaining your own credit history is essential for securing housing, utilities, and loans in the future. If you’ve been out of the workforce or have limited credit history, consider starting with a secured credit card or becoming an authorized user on a family member’s account to begin establishing independent credit.
Once you’ve decided to pursue divorce, open a checking and savings account in your name only at a different bank than where you hold joint accounts. Begin depositing a portion of your income into these accounts to ensure you have funds available for immediate needs and attorney fees. However, be transparent about this action and maintain detailed records, as South Carolina courts expect fair dealing and full financial disclosure. Don’t drain joint accounts or hide assets, as this can result in serious consequences, including sanctions from the court and an unfavorable division of property.
In South Carolina, marital property is subject to equitable distribution, which doesn’t necessarily mean equal. Courts consider numerous factors, including each spouse’s contribution to the marital estate, whether financial or non-financial. Document your contributions, including income earned, career sacrifices made for the family, homemaking and childcare responsibilities, support of your spouse’s career or education, and contributions to property acquisition or improvements. This information helps establish your case for a fair property division.
Before filing, create a realistic budget for your post-divorce life. Calculate your anticipated expenses, including housing, utilities, food, transportation, insurance, childcare, and other regular costs. Compare this to your expected income, considering potential spousal support or child support. Understanding your financial needs helps you evaluate settlement proposals and make informed decisions about keeping or selling assets like the marital home. This budget also demonstrates to the court your reasonable financial needs when seeking alimony or determining child support.
Beyond hiring an experienced family law attorney, consider consulting with other financial professionals. A Certified Divorce Financial Analyst (CDFA) can help you understand the long-term implications of various settlement scenarios, particularly those involving retirement accounts, tax consequences, and future financial security. A tax professional can advise on filing status, dependency exemptions, and the tax implications of asset division and support payments. An appraiser may be necessary to value real estate, businesses, or valuable personal property. Your divorce attorney can connect you with the experts you need.
Before filing, take steps to limit your exposure to new marital debt. Consider closing joint credit cards or converting them to individual accounts. If maintaining joint accounts is necessary, request that new charges require both spouses’ approval. Monitor credit reports regularly to detect any unauthorized activity. Document the balance of all joint debts at the time of separation, as you may be held responsible for debts incurred during the marriage, even if your spouse created them without your knowledge. South Carolina law typically treats debts acquired during marriage as marital obligations subject to equitable distribution.
Take reasonable steps to protect valuable assets before filing. This might include removing important documents, family heirlooms, and irreplaceable items from the marital home for safekeeping. If you own a business, ensure proper bookkeeping and documentation are maintained. For investment accounts, document current values and holdings. However, never hide assets, sell property without disclosure, or transfer assets to friends or family members to keep them from being divided. Such actions constitute fraud and can result in criminal charges and severe financial penalties from the court.
Perhaps the most important financial move you can make is to consult with a knowledgeable family law attorney before taking any major steps. An experienced attorney can advise you on South Carolina’s specific divorce laws, including how courts typically handle property division, alimony, and child support in circumstances similar to yours. Your attorney can guide you on which financial moves are appropriate and which might harm your case. Early consultation ensures you’re taking the right steps to protect your interests from the very beginning.
Divorce involves complex financial and legal issues that can have lasting impacts on your future. Fortunately, guidance is available now. At Ballinger Law Firm, attorney Beverly K. Ballinger has been practicing family law exclusively since 1986, with over 25 years serving families throughout Charleston, Mount Pleasant, and the South Carolina Lowcountry.
Whether you’re considering divorce, in the early stages of the process, or facing complex property division issues, our firm is committed to protecting your financial interests and guiding you toward the best possible outcome. Contact Ballinger Law Firm today at (843) 270-7241 to schedule your consultation. Let our decades of experience and client-first approach work for you as you prepare for this important transition in your life.
Contact the experience lawyers at Ballinger Law Firm today & schedule your free consultation. We proudly serve Mt Pleasant & all throughout South Carolina. Visit our law office at:
Ballinger Law Firm – Mt Pleasant
858 W Lowcountry Blvd,
Mt Pleasant, SC 29464, United States
Phone: (843) 412 9507
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