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Protecting finances before the impact of a divorce

On Behalf of | Oct 13, 2019 | Uncategorized

When people are questioning whether or not to divorce their spouse in North Carolina, their immediate efforts to gain some control over their financial situation is imperative to their ability to reduce the impact of their divorce on the stability of their finances. This type of control does not mean one person trying to take over, but rather each individual’s recognition of their financial standing and individual ways they can prepare for the consequences that divorce will create for their financial situation. 

One way that people can prepare to get divorced is by making a detailed list of all of the financial assets they have and are currently sharing with their spouse. This cumulative list should include information about debts, income, taxes, assets and liabilities. If possible, in situations where communication is still an option, couples should establish a decided upon date for their separation. This date will play a critical role in financial decisions that will need to be made in the coming months.

Where possible, couples should begin the process of separating their finances. Beginning their own bank accounts, working to establish their own line of credit and amicably determining who will be responsible for which debts can go a long way in eliminating financial strain in regards to divorce. In contentious relationships, couples would benefit from freezing joint accounts and immediately beginning their own financial endeavors throughout the divorce. People should have a good idea of their credit score and be taking active steps to start their journey to financial independence again. 

Professional help in the form of an attorney can be incredible support during a divorce. Legal professionals have the experience of dealing with numerous divorce situations and can provide valuable input and advice on how to proceed.  

Source: MSN, “6 steps to prepare your money for a divorce,” Brian Acton, Oct. 10, 2019