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Divorce: taking control of one's life while providing for financial stability

Individuals who either file or learn that a spouse has filed for divorce often feel overwhelmed. Aside from the emotional fallout that results from examining those factors that may have led to a divorce, there are a number of matters that must be addressed to ensure for one's future financial success. Preceding or immediately after learning that a divorce petition has been filed, individual would be wise to take the steps outlined below.   

For those who have one or more joint checking or credit card accounts, steps should be taken to close these accounts as soon as possible. If these accounts remain open, an angry soon-to-be ex-spouse can easily choose to get revenge and make large purchases to rack up debt prior to a divorce being finalized. It's important, therefore, to close joint accounts and open new accounts solely in one's name.

Even when joint accounts have been closed, a disgruntled husband or wife may still be able to take steps to negatively impact an individual financially. All a spouse needs is a social security number and birth date to wreak havoc and potentially ruin an individual's credit score. To prevent this, individuals going through a divorce are advised to request regular credit reports and keep an eye out for any suspicious activity.

When going through the divorce settlement process, it's important that an individual negotiate terms that provide for financial security in both the present and future. Along with the division of marital assets and property, assets held in retirement and investment accounts must also be taken into consideration.

Going through a divorce can be overwhelming and many men and women are ill-equip to make important decisions that could impact the rest of their lives. Thankfully, a divorce attorney can provide advice and guidance throughout the divorce settlement process and will work to provide for a client’s current and future financial needs.

Source: Credit.com, “How to Protect Your Finances in a Divorce,” AJ Smith, March 31, 2014

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Divorce: taking control of one's life while providing for financial stability | Peter A D'Angelo, Attorney at Law, PLC