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Divorce is a stressful event for a couple, particularly if they have children. Not only are you dividing your homes and lives from what could have been a long relationship together, you are also faced with new and sometimes greater financial issues that come up post-divorce -- issues that range from shared assets to shared debt to child support.
SmartMoney reported that money, above all else, was the main factor behind couples' arguments. This isn't surprising when you look at a study done in 2004 by SmartMoney Magazine and Redbook, which found that money topped the conversational list of 70 percent of people or more. If couples are talking about money more often -- and arguing about it more often -- there's a chance they're divorcing over it as well.
While no party comes through wholly unscathed in a divorce--and many may have to make all the financial decisions for the first time--there are several important steps you can take to protect yourself financially. Navigating the perils of monetary issues in a divorce can appear daunting, but tackling six key areas immediately will put you on the right track and give you peace of mind.
In order to protect money in a divorce, a person should consider monitoring or closing joint accounts, staying on top of their finances and protecting their identity. Hold on to money in a divorce by staying responsible and avoiding spending with tips from a certified family mediator in this free video on divorce and relationships.
