People who aren’t rich or famous typically don’t have prenuptial agreements, which are legal documents detailing who gets what in a divorce. Even ordinary folks without prenups, though, should think about how to protect their money if something goes wrong.
Planning for divorce may be cynical, but it’s also smart, San Diego certified financial planner Ginita Wall said.
“It’s cynical to put on a seat belt when you pull out of your garage, because you’re planning for an accident,” said Wall, who is also a certified public accountant and the author of several books including “The ABCs of Divorce for Women.” “You want to be safe if that happens, God forbid.”
Marital breakups aren’t the only concern. Creditors can come after joint accounts and property if a spouse has unpaid debts or gets sued, said Carl Soranno, a family law attorney in Roseland, N.J.
FILE – This April 2017 file photo provided by NerdWallet shows Liz Weston, a columnist for personal finance website NerdWallet.com. (NerdWallet via AP, File)“Even if your marriage is strong, or you think it’s strong, there are events that can put pressure on it,” Soranno said.