Protecting yourself financially during a divorce

Relationship experts estimate that more than half of all marriages end in divorce. Despite this grim outlook, only between five and 10 percent of people sign prenuptial agreements. According to Ask Men, this discrepancy leaves many men at risk financially.

To prepare for the financial impact of a potential divorce early on in a marriage, the website suggests that couples keep the property they own separate, allowing men to keep what was rightfully theirs before the split. Simple steps to achieve this include keeping a wife’s name off of a bank account or off the deed to a house.

Keeping money separate can also help men prepare for the possibility of a divorce down the road. Ideally, a couple should have a joint checking account as well as separate accounts for the husband and wife. While this system may seem paranoid, it is the best way to keep track of who is paying for what, the website explained.

According to MSN, the spouse who earns less money typically suffers more financially during and after a divorce. If financial strains are imminent, ex-spouses can begin to climb out of the hole by creating their own credit.