Separating from your partner in life is never easy, but sometimes it is necessary. Everyone makes mistakes, and if you find that the person you married isn’t right for you, then it’s best for all parties involved if you go your separate ways.
Once you’ve decided to leave your spouse, you have many issues to deal with, including where you’re going to live, how you’re going to tell people and dealing with the legalities of dissolving your marriage.
Another vital factor that you need to consider when going through a divorce is money and how you will divide and share your financial assets.
Money is often a contentious subject between married partners, and it’s often given as one of the main reasons why they split up in the first place.
As such, it can be difficult to know what to do and how to talk about splitting your finances and making the change from being a married couple to a single individual.
If you’re going through a divorce or separation and are concerned about protecting your finances, then here are some practical tips.
Be Open To Talking About Finances
Communication is key during any relationship, and the same could be said for when it ends. You need to communicate with your former spouse and discuss how you’re going to split large financial assets and obligations, such as any properties that you might own together. If you can’t communicate in a civil way together, then you might find that you have to hire professional mediators, and this could eat into your assets and draw out the divorce proceedings.
Close Joint Accounts And Divide Savings
If you’re able to communicate with your partner still despite the divorce, then you need to collaborate with them to divide your assets and allocate debt correctly. Learn how to close joint bank accounts, allocate savings and more during a divorce so that you understand the processes that you may have to go through. Try to be open and honest with your former partner and make sure that you are both happy with the arrangements you make. By acting quickly and separating your finances, you can ensure that everyone has access to money that is rightfully theirs and reduce the chances of future discord.
Split Joint Financial Obligations
Many couples have joint financial obligations or dependents, such as children, mortgages, or even businesses. When you are in the process of getting a divorce, you need to make sure that you split these obligations equally and that each person understands what they are responsible for. If you have children or dependents, then you might need to create an agreement for the secondary caregiver to compensate the primary carer for the cost of raising them and supporting them financially. A family lawyer will be able to help you to discuss this rationally and come to an arrangement that suits you both.
Absolve Yourself Of Any Future Obligations To Your Former Spouse
It’s a common misconception that divorce proceedings alone mean that you’re no longer financially committed to your spouse. This is not the case; you might still be expected to support them, particularly if you have more financial assets than your former spouse or if a major change happens in the future, such as a windfall. If you’re concerned about having to support your ex in the future, then you may need a clean break order. This document will help you to ensure that your assets are protected, both immediately after the divorce and over the years to come.
Keep An Eye On Your Credit
Even if you trust your former spouse and have a good relationship with them, it’s a great idea to keep an eye on your credit. Get a copy of your personal credit report and keep a watch on it for any changes that could be caused by a former spouse using your details or a joint account that you forgot about. Being cautious and aware of your credit score means that you can reduce the impact if something bad does happen and your former spouse tries to harm you financially. If you’re not on good terms with your ex, then checking your credit report regularly is a vital step. You need to make sure that you are proactive in case they try to harm you financially, as their efforts could have lasting repercussions.
When going through a divorce, it’s understandable that you might want to forget about it and move on with your life. Before you do, make sure that you manage your finances and separate them from your former spouses so that you can enjoy the peace of mind that your money and assets are safe. Use these tips to help you to start your journey towards financial and romantic independence after a serious breakup.
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