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Financial Tips to Remember When Filing for Divorce

Divorce is a drag, but with the right legal aid and a good knowledge of what is going on, you may be able to pull out ahead once your divorce is over. One of the biggest issues you will come across when you are going through a divorce is money. Finances will be split, property divided, and possible alimony and spousal support dispersed.

When dealing with the money matters in divorce, it is smart to get organized. The Huffington Post says to create a master plan of everything that is required by your judge or agreement. You may need to transfer some titles, deed property, or exchange personal belongings. Making a detailed list or spreadsheet will help you from losing significant details in the shuffle that is associated with a split.

As well, you will want to make sure to close all joint banking and credit card accounts right away. If not, you spouse may start racking up expenses in hopes that you can divide them at the divorce court hearing. It’s best to close these as soon as possible in order to avoid racking up debt or having to pay for your spouse’s charges. Close all accounts, even those that you hardly ever use. At this point, it’s probably not wise to trust your spouse to be financially responsible with your money.

Another tip is to work with your lawyer to draft a will after the divorce. You probably created a joint will with your spouse, but you will now have a new set of assets and will want to remove your spouse from the estate plans. By using these helpful tips you may be able to make your divorce easier. Make sure to get a competent divorce lawyer on your side to help you work through all money matters regarding your divorce!

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