Gather Information: Assemble as much information as possible regarding family financial matters. Include copies of tax returns (including business tax returns if you or your spouse owns/operates a business) for the last three years; lists of marital assets and debts such as are often required for loan applications; wills, trusts, and estate planning schedules such as are often prepared by an attorney, accountant, insurance agent or bank trust officer; the most recent statement from your spouse's employer regarding employee fringe benefits, especially retirement pensions; and recent account statements from financial institutions such as banks, credit unions, credit card companies and brokerage houses.
Economic Independence: Take steps to establish some measure of economic independence. Establish a bank account in your own name and put away as much money as possible. If you do not have credit your name, apply for credit cards and make payments on a timely basis. It is often easier to start with department store and gasoline credit cards before applying for major credit cards like Visa and MasterCard.
Women Obtaining Credit: A woman may not be denied a loan because of her marital status or her husband's financial situation. If you apply for credit and your own individual credit standing shows that you are entitled to a loan, even though your husband would not be entitled to credit, you must be granted credit.
In addition, the Michigan Attorney General has declared that refusing credit on the basis of marital status violates the Federal Equal Credit Opportunity Act of 1971., and a 1974 Michigan law prohibiting discrimination. A woman also may not be refused credit because of a change in marital status.
Spousal support and child support must be considered income in a creditor's review of a credit application. Income from regular part-time employment must also be considered. A creditor may not ask a credit applicant about her birth control practices or childbearing plans. Finally, both spouses' income must be fully considered in applying for a home mortgage.
Incurring Debt: Do not incur any additional joint debt with your spouse. If you are currently working, remain employed. If you are not working, begin looking for a job. Make needed repairs on major appliances, cars, etc., out of joint family funds. Also, take care of all of your medical and dental needs out of family funds. Since a marriage must last for ten years for one spouse to be eligible for social security benefits based on the other spouses earning history, you may want to delay your divorce until that period has run.
Measures of Precaution: When divorce is likely, it is advisable to take prudent action. Do not sign joint income tax returns if you have reason to believe they have not been properly completed. Notify financial institutions where you have joint accounts of the possible divorce and request that no large transactions be permitted without approval of both spouses. Close out joint charge accounts or, if you want to retain them, notify the creditors in writing that you will not longer be responsible for your spouse's purchases. If you are covered under the health insurance of your spouse's employer, verify that your coverage has not been terminated.
