Financial Advice for a Separation
A marital separation can be challenging enough without all of the decisions you must make as you separate your life from his. Some decisions can wait; however, you must address others immediately, including the best way to handle your finances. While your separation may be amicable, one party still may harbor more resentment than the other. This can result in one of you doing something to hurt the other, usually by dealing a financial blow. However, there are numerous ways to avoid this scenario.
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Open Your Own Bank Account
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Even if you are accustomed to having a joint account and have had one for years, a separation is the time to split up your finances. While you may still maintain a joint account for household purposes -- for the time being -- you still need to funnel all of your personal money into an individual account. Then, if you agree upon an amount, each of you can deposit money into the joint account. However, it should no longer be your main bank account.
Consult an Attorney
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The last thing you want is to put something in writing or even verbally agree to alimony or a certain amount of child support, only to find out that the other person has more money than you or hidden assets that don't necessitate the agreed upon amount. Always consult an attorney before making any financial offers. Let him look over everything and offer advice before you put anything in writing.
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Understand the Process
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When you separate, and particularly if you proceed with a divorce, nothing gets resolved overnight regarding your finances. You need to be patient, and that might mean coming up with contingency plans to pay bills while the divorce plays itself out in court. While in the end, your ex might be court-ordered to pay certain bills, it takes time to get to such a resolution. Meanwhile, you need to support your household.
Don't Get Greedy
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Regardless of your anger, don't get greedy when it comes to financial separation. You may find that it backfires on you in court. Ask only for what your ex-spouse rightfully owes you, which is something your attorney can help you to determine. Factor in what you need in terms of alimony and child support, and present your case accordingly.
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