Women in Illinois and all over the country may have made great strides in independence and fiscal responsibility, but one expert in the field says that many are still kept in the dark by their husbands about their financial situation. This might not cause a problem in a healthy marriage, but in a high net worth divorce, such lack of knowledge can put a woman at a great disadvantage.
One thing that divorce experts remind prospective divorcees is that they will need money to live on before the dissolution process is finalized, not to mention cash to pay their legal team. This is where being unsure of which funds are accessible and which accounts a husband may be keeping secret may become an issue for some women. Also, not knowing one’s full financial situation before a divorce filing may lead to the male half of the couple being able to play dirty, hiding money that should by all rights be held jointly.
Another factor is that some women don’t have an independent income, and their husbands may be financially controlling to the extent that the wife doesn’t have any idea what accounts the couple share or how much money might be in them. It is important to have knowledge of all accounts so that one may be able to withdraw whatever funds she needs to see her through the entire divorce.
A family law attorney with experience in divorce matters may be able to help a woman seeking equitable property division, child support and spousal support. Such an attorney may also be able to aid in mediation during a marital dissolution and while a settlement is negotiated.
Source: Forbes, “When Can You Withdraw Funds From Joint Accounts?“, Jeff Landers, September 17, 2013