A Secret Cash Stash is a Good Idea Prior to Marriage
Legal separation allows a couple to remain married, maintaining the financial advantages of marriage while being able to live separate lives. An absolute divorce completely dissolves the marriage. If the couple reconciles, the court can set aside the judgment of legal separation and revoke any orders in place relating to maintenance, child support, and custody.
Married couples usually share almost everything in their lives. Because of their trust and confidence with each other, they tend to co-own every single thing that they have. This is the reason why most couples have shared bank accounts or savings. The question now is whether this type of arrangement is really beneficial to both parties. Is it better to own everything in common or reserve some cash for one's self to survive the rainy season?
If you are about to get married, this is one of the most important considerations that you need to look into. Do you really want to put all your money in a joint account with your wife or husband? Are you willing to place all your earnings or business profits into one account with your partner? There is a need to think about the future. Make sure that you have made some provisions for the rainy season such as divorce or separation. Of course, you want to have the perfect marriage with your spouse. However, it is also a fact that there is a possibility that the marriage may end up in divorce.
When it comes to divorce cases, a lot of fees need to be paid. Upon the institution of the case, you will need to pay for the docket fees. Otherwise, the court will not have jurisdiction to hear and try the case. Aside from this, it will also be necessary to allocate a budget for the payments and fees of divorce attorneys. A legal counsel will help you in the court litigation, which means that you have to pay for his or her professional fees.
One of the issues that will be adjudicated in a divorce case is whether or not a party is entitled to payment of alimony. If you are adjudged liable, it is going to be difficult on your part to comply with the obligation if you have no separate or secret cash stash. While the court will order for the partition of the conjugal funds or assets of a divorcing couple, such order will usually take time before it is released. Verily, during the pendency of the resolution, you will not have enough money to answer for specific obligations and liabilities.
If you are already married, then maybe you have to consider saving cash for some future needs. Prepare yourself for the rainy season. You have no idea when they will come. For now, what really matters is that you have something to use when you are already in such situation.
References: Safeguarding Your Money
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