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How to Save Money for a Divorce

Don’t let money stop you from being happy and independent! These tips on how to save money for a divorce will help you create a financial plan, so you can start your life over.

How to Save Money for a DivorceIn Divorce: Think Financially, Not Emotionally: What Women Need To Know About Securing Their Financial Future Before, During, and After Divorce, Jeffrey Landers helps women focus on vital financial matters and offering specific instruction on a number of key issues vital to securing long-term financial security, such as building a top-notch divorce team, uncovering a husband’s hidden assets, protecting your personal assets, business and intellectual properties, dealing with pensions, 401Ks and other retirement accounts, and negotiating alimony.

The best time to start saving money for a divorce was the day you got married; the second best time is today. I’m not being cynical; I believe all women should be financially independent – or at least strong enough to be able to walk away from their homes and possessions if they want to start over.

Money is one of the biggest obstacles to getting divorced. Don’t let your financial situation trap you in a life you’re unhappy in – or even hate.

10 Tips for Saving Money to Get Divorced

If you earn your own money, start saving as much as you can every payday. It might start out as $20 every two weeks, or $500 a month. You can open a separate bank account to save money for a divorce, and ask the bank to automatically move a predetermined amount every couple weeks.

Save your financial windfalls

You’d be surprised at how much money you can save if you stay alert! A one time cash windfall from a relative, a tax refund, gift money, anniversary money, divert a second income, get a second job, sell some things that have value but you don’t use, don’t renew full insurance on a vehicle for six months or a year, or skip a big purchase or vacation (cut your vacation in half or spend only half your budget). The best tip on how to save money to get a divorce is to view every penny as precious.

Set up an automatic savings plan

If you struggle with money and are prone to spend everything you have, an automatic withdrawal/deposit coupled with a predetermined end date might be all you need. If you like to watch your money grow, start a chart to track your progress and be proud.

Learn what an emergency fund is

An emergency fund is a reserve of money set aside for situations where you suddenly need cash. An emergency fund can also be a long-term savings account for your plans to get divorced, because divorce can be expensive. It gives you peace of mind because you are partially prepared for unforeseen situations.

Assess your sources of financial help

Do you have assets you could liquidate quickly? Do you have family or really close friends you can turn to for help? Would you be able to turn to others for financial help (is pride going to get in the way or would it get in the way of your kids)? Is your credit rating an obstacle to getting an inexpensive and quick loan? Could you miss a mortgage payment without penalty because you have made double down payments in the past?

Learning how to save money for divorce will help you deal with financial debt after getting divorced.

Calculate how much money you can realistically save for a divorce

Some people struggle to save any money at all. For them, saving even $2,000 might result in feelings of failure and desperation. If you struggle financially and don’t know how to save money, it may be more realistic to save $500 or $1000. This may give you the fresh start you need might to get a divorce. Then, $3000 might just seem possible! Start small, and work your way up to saving more money.

Keep your money easily accessible

Your emergency fund needs to be very liquid, so you can access the money very quickly if you need it. Cash in your pocket is the most liquid, but if it is more than $100 it is too risky. Losing your purse could end your plans to get a divorce! Saving money under your mattress might be a bit more secure, assuming your husband doesn’t snoop or make the bed.

Get an interest-yielding savings account

how to save divorce money

How to Save Money for a Divorce

If you can learn how to save money to get divorced AND earn money at the same time, so much the better! If you have more than $500, consider opening a bank savings account. It’s liquid, secure and will currently pay you between 0.2-1.5% interest on a high yield account.

Consider opening a money market fund

Money market funds once paid better interest than a high yield savings account. But, those days are over. The best money market funds pay around 1.2%, with some institutions offering a bonus during the first 6 months. Note that some money market funds cost you annually (or even monthly!) or there may be a management expense ratio (MER) that cuts into your paltry interest. Beware of load funds; make sure you purchase only no load money market funds for your emergency fund. If you do decide to save money for divorce in a money market fund, be sure the fund allows you to get your money out the next business day.

Avoid using your savings for regular expenses

Stay focused on your goal: you are saving money for a divorce. A new pair of shoes – or even an expensive birthday gift for your child – is an unnecessary expense, and should not derail your plans to start your life over.

If you need more tips on how to save money for a divorce, read How to Get Money to Leave Your Husband.

I welcome your thoughts on saving money to get divorced below, but I can’t offer advice or counseling.

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My prayer for you is that you save enough money to survive the divorce – and even thrive when you’re own your own!

4 thoughts on “How to Save Money for a Divorce”

  1. Laurie Pawlik-Kienlen

    Hi Jamie,

    Thank you for your comments on how to save money for divorce – you asked a great question! And I agree with you; opening a bank account might not be the best way to save for a divorce, especially if your husband gets half the money.

    That said, however….even if you have to disclose your checking or savings account information (which you will), you will still have your own independent bank account with money in it. And that’s a good thing because it’ll help you in the long run. If you don’t have much money, your husband would likely not be allowed to take half of it.

    You might consider keeping a stash of cash somewhere safe, so you have your own money for after the divorce. Then, you might open a bank account later — and you will need a bank account to get a job (many employers deposit money directly to your account) and pay your bills (it’s easier to pay for telephone, electricity, power, heat, etc via your bank account, not your stash of cash).

    Even if you only put $50 in your bank account for now, the account might be good to have during and after the divorce.

    Of course, you could always save money for a divorce by putting it in a safe place. Just make sure your husband can’t access it! If you ask a friend or family member to help keep your cash safe while you save for your divorce, make sure you trust them fully and completely.

    I hope this helps…and I wish you all the best as you move forward in your life.


  2. I have no money & he controls it. I have been trying to read up on ways to leave & find information – I would like to buy some of the books suggested on here & other places but I would not be able to do so without him knowing. Library doesn’t have them either.
    Like the other person stated my family won’t help me & do not seem to understand what it’s like. Without physical “proof” & since we have a nice home & nice “things” then it all “appears” good, so they just do NOT understand. I feel like if they really “knew” – they would get me out ASAP. only strangers that have been through it are the most understanding but of course can’t help me.
    One thing I have read here & other site about money is to open a separate bank account. I don’t see how that would be a good way to save money for a divorce. Am I missing something? When you file, at that point, wouldn’t you have to list that separate bank account & then the spouse would then get HALF of what you have tried so hard to save & then what would be the point? So that is the part where I am confused. I know when I talked to a lawyer, & it was explained to me, that was what I understood. We have to list everything we have & then we sit & decide how we want to split it up. Even if I would not list it, his attorney could find it out by my social security number correct?
    I don’t see how a separate bank account to save money would do any good if I would still have to tell him about it in the end. Does anyone know if this is incorrect?
    And for all the women who have left and been able to be happy — thank you for your stories — they are an inspiration to me. I love to read about women who are able to break free, who have learned how to save money for a divorce. I used to dream of that also. But since I really have no one to help me I sometimes feel like there is no hope anymore for me.
    Thank you for this article & the others.

  3. Thank you for all your advice. I think I’ve finally got the courage and honestly believe that I can do this now. My main reasons for not leaving is not having any friends or family willing or able to help me. This article makes me feel empowered to do it myself. Thank you.

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