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When you and your spouse have confirmed that you want to separate or divorce, it’s a good idea for you to go over your financial situation together. Of course, in some marriages, the spouses are not on good-enough terms to do this, but it’s good to give it a try. Spouses need to identify:
If your spouse is engaging in irresponsible financial behavior (or you fear that he or she will do so in the future), it’s all the more important to stop and sort out your finances now.
Divide the Assets and Liabilities
If at all possible, you and your spouse should come to an agreement regarding who will be responsible for each debt, and how the assets will be divided. If you are not in agreement, representation by divorce attorneys or mediation will probably be necessary.
Contact Creditors
If you’re concerned that your spouse will leave you with debts that you did not incur, you can write to each creditor or debt-holder - for example, the credit card company or mortgage company. Ask that the debt be put in the name of your spouse only. The creditor may or may not agree to this, but it’s always a good idea to make the request. You can also request that your name be removed from any joint accounts, so that debts incurred from that point on by your spouse will be in your spouse’s name only.
You May Need an Attorney
If your finances are complicated, or if you suspect that your spouse is going to do further damage to your finances (or would hide assets), it’s in your best interest to hire a good divorce attorney; your attorney may also advise the use of a forensic accountant to unravel the problems.
Find an experienced divorce attorney in your area today.