Tips for protecting your finances when it comes to divorce.
If you are getting divorced or a separation from your marriage, it is important to act fast when it comes to your finances, especially if you are on bad terms.
Divorce is not a good practice but there is a provision for it in the Kenyan constitution. This is the provision in the Kenyan constitution.
(1) A petition for divorce may be presented to the court either by the husband or the wife on the ground that the respondent—
(a) has since the celebration of the marriage committed adultery; or
(b) has deserted the petitioner without cause for a period of at least three years immediately preceding the presentation of the petition;
or
(c) has since the celebration of the marriage treated the petitioner with cruelty; or
(d) is incurably of unsound mind and has been continuously under the care and treatment for a period of at least five years immediately preceding the presentation of the petition,
and by the wife on the ground that her husband has, since the celebration of the
marriage, been guilty of rape, sodomy or bestiality.
Contact your bank and your loan provider
If you have joint accounts or loans with your ex-partner, you should contact your bank or loan provider to explain what has happened. This is especially important if your break-up isn’t amicable.
With any joint loan, you are each liable for the entire debt. You should ask your bank to change the way the account is set up so that both of you have to agree to any money being withdrawn or to freeze it.
Be aware that if you freeze the account, both of you have to agree to ‘unfreeze’ it. This might be a problem if your ex-partner doesn’t want to co-operate.
Don’t Incur New Debt
What you want is to save as much money as possible before you file for a divorce. Running up charges on a credit card isn’t saving money. Once you’ve gotten your name removed from that Target credit card, cut it up. It’s cash from here until your divorce is final. Keep a wise head and save for the future so you don’t begin your new single life with overwhelming credit card debt.
Also Read: 5 Red flags that you are living beyond your means
Have documentation before filing for divorce
Always have evidence of your investments and purchases stored somewhere. This will come in handy if you decide to file for divorce or if your partner decides to.
Bank accounts and statements should form part of your valuable documents.
Get a job
if you have been a stay at home mum or father, it is important to get yourself a job that will ensure that you have some financial security.
Don’t wait to survive on child support and alimony because the times are changing and sometimes the man cannot pay up.
Get Rid of Financial Power Imbalances
If your spouse has always been in charge of paying the bills and keeping up with the finances, this needs to change. Knowing exactly how much money comes into the household and where it goes out to puts you on a level footing with your spouse once you file and start negotiating for divorce settlement.
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