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Guiding People Through Divorce With Grace And Dignity For More Than 30 Years

Guiding People Through Divorce With Grace And Dignity For More Than 30 Years

Initial money matters in a divorce

On Behalf of | Dec 21, 2015 | Family Law |

posted in Divorce

on Monday, September 3, 2012.

Certainly among the most contentious matters in a divorce are those involving money. While a Connecticut mediation lawyer can assist both spouses on how best to divide assets, it is important to take some initial steps both to protect yourself and help you become financially independent.

Bank Accounts

One of the first matters you should attend to is setting up a separate checking account. You need very little money to do this, and getting this set up now will be a great first step toward developing your own financial system. It is also very useful to set aside some cash, and keep it in a safe place.

Spouses generally maintain joint accounts. A Connecticut mediation lawyer can help you and your spouse come up with a plan to divide the assets in these accounts. It is important, however, that they be closed, if possible, in order to prevent problems down the line.

Credit Accounts

Another important step toward financial independence is obtaining a credit card in your own name. You and your spouse likely have numerous credit accounts in both your names. It is advisable to close those accounts that you can right away. Any balances can be divided between you and your spouse and placed on your individual cards. Keep an eye on your credit report to see that your spouse does not attempt to open a new joint credit account.

Investments and Retirement Accounts

You should freeze all joint investment accounts to ensure that nothing is taken from them until the assets are split. Make sure you get any statements for these accounts and keep an eye on them. If your spouse has a retirement account, obtain a copy of the plan description and a current statement from the plan administrator.

If you are divorcing, money matters will almost certainly be a matter of contention. A Connecticut mediation lawyer may be able to help minimize problems you encounter. Call the lawyers at Piazza, Simmons, and Grant LLC today at (888) 652-6629.