Disentangling Your Finances After Getting Divorced: Best And Worst Practices

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Romance may drive mate selection these days, but at its core, marriage remains a financial arrangement. Even spouses with pre-nuptial agreements and separate bank accounts experience significant blending of their finances. Disentangling those finances after divorce can be frustratingly complicated. If you’re struggling to manage your finances post-divorce, keep these do’s and don’ts in mind:

Do: Gather All Paperwork and Determine Who Is Named On What

From car loans to life insurance policies, the names listed on your paperwork can reveal a lot about your current financial status, both as a couple and as an individual. Gather all relevant paperwork, and make copies to keep track of your financial ties.

Don’t: Stick With Your Spouse’s CPA or Financial Advisor

If you need financial assistance, choose a professional who is independent and will not share your financial details with your ex-spouse. Working with separate advisors can simplify the process of separating your finances.

Do: Run a Credit Report

Some of your debts may be held jointly, while others may be solely your responsibility or your spouse’s. Take stock of all your loans, then run a credit report to determine which liabilities are currently in your name.

Don’t: Continue to Use Joint Accounts

If you have joint credit cards or other accounts, stop using them immediately. Request that your spouse do the same, and if necessary, ask the company to freeze the account to prevent further use.

Moving Forward

Disentangling your finances can be tricky, but once you’ve determined which spouse is responsible for each asset and debt, you can move forward with a clean slate. Keep that fresh start in mind as you navigate the financial complications of divorce.

From child support to property division, DiPietro Family Law can help you with the financial aspects of your divorce or separation. Get in touch with our Washington, D.C. family law firm to learn more about the financial implications of divorce.

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