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Financial complications can often arise in the divorce process. Attorneys and financial specialist both agree that steps should be taken to ensure that you and your money are protected.
According to divorce experts, it is best to separate your finances as soon as you have an idea that your marriage is ending.
Canceling Joint Accounts
Joint accounts shared between you and your spouse should be frozen or closed immediately no matter how much you trust your partner.
Thomas Norton, a certified specialist in divorce, explains that each spouse should keep financial documents from shared accounts and both parties should be aware of how their property is titled.
Financial Matters After Separation
Once couples are separated, beneficiaries on insurance policies, 401(k) and retirement programs should be changed. Depending on the length of the marriage the money from a 401 (k) may be split between the spouses.
Which spouse gets the house is usually a complicated issue, but in any case, both spouse’s should be fully aware of the tax consequences involved in getting the house.
“You need to understand the tax implications of whatever property you get,” says Norton.
Getting Separate Attorneys
Financial advisors not only recommend taking the above pre-cautions when going through your divorce, but they also suggest that each party gets their own attorney.
“It sounds nice to share, but the attorney has a legal duty to one or the other spouse,” says Norton.
(Source: STLtoday)
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