One overlooked item in the Schwarzenegger scandal is how easily his wife, Maria Shriver, was able to cut ties and move out.
Wealth and family connections can do that for a gal. But what about the rest of us?
What would you need to do to protect yourself, if a sudden crisis rocked your marriage?
Divorce lawyer Violet Woodhouse, author of Divorce & Money, gave me the following tips, for a piece originally published in the current issue of Money.
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Stay on top of documents. Know where bank and investment statements are kept, and get copies of your last few |
| tax returns. “You need to know all the assets and liabilities on the marital balance sheet,” says Woodhouse. | |
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Be ready to come clean. If you faced a divorce, you’d have to disclose all your finances or risk losing your assets. Square things away now. |
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Make a post-divorce budget. Could you support yourself and your family if you had to leave? How much would you need to earn? How much of an emergency fund do you need? |
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Get credit reports. Check his, check yours, says Woodhouse. This gives you a window into his debts, planned purchases—and your own credit health, which is critical to rebuilding your life. Go to www.annualcreditreport.com. |
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Get yours. If your spouse’s name is the only one on the title of the house, get it amended immediately or it might not be considered a joint asset. Find DIY forms at legalzoom.com. |
Put it in writing. Is it silly or cynical to “prep” for a possible divorce?
