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Separating finances during divorce: Part 1

When people get married, they combine their finances and households in hopes of living the rest of their lives together. But when it is time for them to divorce, they have a hard time separating their finances. Throughout their years together, they may have amassed joint debts, accounts, properties and other assets. Problems often arise when one spouse feels they deserve to receive more than what is fair or their partner is willing to give. According to DoughRoller.net, it is best for divorcing couples to eliminate all financial ties to each other. 

Separating spouses should learn how to separate their finances to prevent complications with their divorces. 

Discover all assets 

One common issue that many separating couples encounter is hidden assets. This is more likely to occur in relationships where there are high assets or one partner plays a more active role in managing their finances than their partner or runs a business. They may not disclose all of their financial information even though they are required to by the courts. People who cannot get their spouses to provide them with documents and information about their finances or suspect that they may be lying and hiding assets can take legal action to get that information, states TruthFinder.com. They should also search online and pay attention to their spouses’ financial activities. 

Open separate accounts 

It is also a good idea for people to open their own accounts and start saving up their money. Divorces are expensive. Even if they are expecting to receive child support, alimony or some other type of settlement, they can make their post-divorce situations much easier to manage if they have money saved up. 

It is not always easy to separate finances during a divorce, especially if one partner is a stay-at-home parent or most of the assets are jointly owned. People who start planning financially for their separations early on can avoid potential complications and enjoy an easier transition to being single.

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