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Financial steps to take during and after divorce

On Behalf of | Jun 4, 2022 | Family Law |

Divorce is a highly emotional process, and much of the conflict that can arise between you and your soon-to-be ex-spouse relates to money. As much as anything else, a divorce is a business transaction.

That being the case, it is important for you to protect your own interests during the process. U.S. News and World Report describes some of the important financial steps to take during and after a divorce.

During a divorce

During your divorce, you and your spouse have to divide your marital property between the two of you. During this time, it is important to keep track of your own assets. Therefore, you should open your own, private checking account if you do not already have one. You should document the use of marital funds to make sure that your spouse is not spending irresponsibly. If your spouse is spending irresponsibly, you need evidence to take to court. You also have to monitor your own spending to ensure it stays under control.

After a divorce

The finalization of your divorce may feel like a finish line, yet there are still important financial steps you have to take. For example, you may have to revise your estate plan to remove your ex-spouse. If you are changing your name after your divorce, e.g., going back to your maiden name, you will have to change your name on insurance policies and bank accounts.

Once you and your ex-spouse have reached a financial agreement, you do have to be diligent in making sure that your ex lives up to it. If he or she does not, it could mean unforeseen financial consequences for you.

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