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Financial steps to take in the aftermath of divorce

On Behalf of | Sep 30, 2022 | Divorce |

Sometimes divorce cannot be avoided, and in this situation, it is easy for those going through a divorce in New York to feel as though they have somehow fallen short. Nevertheless, it is indeed possible to handle such a transition properly and with confidence. Here is a rundown on how best to safeguard one’s finances when going through a marital breakup.

Closing joint accounts

An essential step for individuals going through a divorce is to close any accounts they jointly own with their future ex-spouses. Likewise, it would behoove them to remove their spouses’ names from their own accounts if those spouses are authorized users on these accounts. This is important because if a divorcing individual has a credit card and has made the other party an authorized user of the card, the other party can rack up debt on the card that the divorcing individual will be responsible for paying off even after the divorce.

Opening individual accounts

Individuals who are getting divorced may benefit from establishing their own savings and checking accounts as well. This will give them secure spaces for the funds that belong to them alone. Autopay and direct deposit information can be updated with the new account numbers and their associated routing numbers.

Help and support is readily available

Hiring an attorney early in the divorce process can be beneficial given that divorce can impact a person’s finances both short-term and long-term. An experienced family law attorney in New York can help someone going through the end of a marriage to navigate all divorce-related legalities, ensure adequate asset valuation and account for all applicable tax laws. This can significantly increase the odds of achieving the most personally favorable outcome and allow for a much smoother transition into the future.