Separating From Your Spouse

Many states have something called an 'interim distribution of family assets', or something similar. It's simply a court decree that provides both spouses with enough money to live and continue working. It's not the final distribution of assets, it's temporary, but it's also something both spouses (and the kids) need.

Filing for a divorce can get pretty pricy, especially if the husband and wife both run out to retain lawyers. It's always a good idea to wait six to nine months after the initial separation to start divorce proceedings to give both parties time to calm down. Then, the spouses can work out a settlement between themselves and save lots on legal costs.

The break-up of a marriage can be pricey, especially in the first few months when both spouses now need separate places to live. Talk to your spouse and try to leave on good terms. Know where you'll sleep that night and in the weeks to come to avoid expensive (or shoddy) motel living.

There's separation and legal separation. If one spouse simply moves out of the main residence, under the law the couple has the same legal status as though they were still living together. A legal separation costs money but it prevents you from being victimized by an angry spouse who goes out and racks up thousands of dollars of expenses on your credit card.

Prior to separating, freeze all joint accounts, checking and savings, credit cards, anything in which you have a joint legal and financial responsibility. Unfortunately, people can do terrible things during this time of emotional distress.

When a couple separates, it's a time of high emotion, endless phone calls and marathon kitchen table discussions. This is not the time to divide family assets. You may want more than you're entitled to, or, out of guilt, you may give more than is necessary. Negotiate when all parties are calm to avoid making serious mistakes.