If you’re going through a divorce in Washington, there’s a good chance that your spouse’s spending habits will cause some problems. Unfortunately, it’s common for estranged spouses to continue spending recklessly even after the divorce is finalized, creating a lot of financial stress for the other party involved. Thankfully, it’s possible to protect yourself and your economic well-being regardless of your partner’s spending habits.
Put a stop to joint accounts
If possible, close any joint accounts that you may have with your ex-spouse and open new ones in your name only if necessary. This will help ensure that no unexpected purchases can be charged to the account without your knowledge. On top of that, you won’t be held responsible for any debts your spouse may incur.
Set a budget and stick to it
This is always a promising idea, but it’s essential if your spouse tends to go overboard with spending. First, create a monthly budget and stick to it as best as possible. Secondly, investigate setting up automatic payments for all your bills so they are paid on time and aren’t forgotten. Sometimes, family law issues, such as child support, may require additional attention—in this case, make sure to include them in your budget.
Monitor joint accounts for unauthorized transactions
Even if you close out any joint accounts, it’s still important to remain vigilant and monitor any remaining accounts for any suspicious activity. If you notice any suspicious purchases or withdrawals, contact the bank immediately to report them.
Monitor your credit report
Checking your credit report regularly is a good idea, even without the added threat of excessive spending by your ex-spouse. However, it’s essential to keep an eye on it now more than ever, as this can be one of the first signs that something isn’t right.
Protecting yourself from your spouse’s excessive spending requires staying informed and taking proactive steps to safeguard your finances. Besides that, remember that unexpected expenses can pop up, especially if your ex-spouse spends far more than budgeted. Finally, create an emergency fund you can draw from in any financial emergency.