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Make financial withdrawals before you file for a divorce

If you are considering getting a divorce, you may want to think about starting a separate bank account now. If you don't and only have a shared account when you file, you may be restricted to not using the account until your assets are divided. This could be difficult for you, especially if you have no way to reroute payments or don't have a job to support yourself.

In many marriages, it's still the husband who earns the most. Some earn all the money that comes into the household. So, the question is, do you have a right to take money out of the shared account, and if so, how long do you have to wait after you file for a divorce?

An Automatic Temporary Restraining Order may make it impossible to make certain types of financial charges out of your account. While this is only temporary, it could put a kink in your divorce plans. That's why it's a good idea to start planning well before your divorce. You should set aside the funds as soon as possible, so you have access to them in your own private account.

Most courts would agree that you are entitled to 50 percent of the cash assets in a shared bank account, but that can change. Make sure that you take out what you may be owed, but try to hold onto it until the settlement is finalized.

If you're ready for a divorce but aren't sure about your finances, you're not alone. Our website has more on what you can do to prepare for divorce.

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