Marriage means sharing everything, including your bank accounts, right? Well – not exactly. Many relationship experts and financial experts agree that it is an excellent idea for both men and women to have an emergency fund separate from their spouse and separate from their joint accounts. This fund can protect you in a number of ways and give you comfort and security even if you never need to use it.
Why an emergency fund?
Not having any money also means not having any control. If your spouse were to become violent with you, could you leave tonight? If your spouse suddenly started spending your savings on a separate life or a mistress, what would you do? If you needed money to discretely hire a divorce attorney or seek legal advice, could you do so? If you needed money to get away for a while and think – is that money there?
Should the emergency fund be a secret from my spouse?
Not necessarily. An emergency fund is good for anyone – and for a number of reasons. It can help keep your credit score up or help in the event of another type of an emergency, such as a medical issue or a broken down car. Encourage your spouse to start one as well, and make it clear that it isn’t that you are expecting the worse; it is just that you are planning for it.
However, if you are living with an abusive spouse, your fund may need to be a secret for your own safety.
How can you start an emergency fund?
You would be surprised how quickly a fund can grow from a few dollars each week or a small percentage of your paycheck. You would also be surprised how much a few hundred or a few thousand dollars can help you as you prepare for and navigate your divorce.
Washington divorce lawyer
Are you ready to begin the divorce process? The first thing you need is a dependable, knowledgeable Bellevue divorce attorney. To speak with one today, call the Law Offices of Molly B. Kenny and request a private consultation.