Money Musts When you Split up

divorce proceedings

One of life’s most difficult events occurs when a couple decides to split up.  So it should come as no surprise there are potentially significant financial consequences attached to the separation as well.  Although it is an emotionally difficult time, there are things you can do financially that can help mitigate at least the financial impact of such a significant life event.

Some of the money musts when you split up include establishing your own accounts that only you can access.  This also means closing all your joint accounts with your former spouse, including any credit card accounts.  In addition, change any PINs or passwords for any current accounts you have in your name only, if you think your ex-spouse could guess what they are.

Contact your mortgage lender or landlord and any utility or phone companies to let them know of your separation.  Depending on whether you are the one staying or leaving, update all these types of financial contracts to either remove your name or your former spouse’s name.  If you have vehicle loans or even if your vehicles are paid off, you will need to determine who will take possession of these types of assets.  If you have any life insurance policies or a will, you’ll want update them to remove any references to your former spouse.

When it comes to issues such as child care and legal division of assets and liabilities, you need to seek independent legal help even if you are on good terms with your ex-spouse.  By contacting an expert on legal and financial matters with regard to divorce proceedings, you can hopefully minimize the disruption that takes place as you and perhaps your children transition to a new life.

Contact us today for help with regards to financial matters when entering into divorce proceedings.

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