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Avoid common financial missteps during divorce 

You may not be aware of just how complex your marital finances are until you decide to get divorced. Depending on the kind of property you own and the financial assets you’ve acquired since you got married, your financial reality could be seemingly inextricably intertwined with your spouse’s. As a result, it is going to be very important for you to approach the process of navigating the disentangling of your finances with great care.

You’ll want to start with the basics. If you don’t yet have a bank account in your own name and a credit card that is not tied to your spouse, it is time to put these resources in place. Once you have the basics at hand, you’ll be able to start managing the more complex aspects of your financial reality. 

Taking stock and making plans

Before you can start making serious financial considerations related to your divorce, you’ll need to take stock of your marital estate. Different assets need to be approached in different ways. Start by making a list of all of your assets that have significant financial and/or sentimental value. 

The greatest mistakes you can make when navigating asset division involve assumptions about how each asset type should be handled, its value and the potential tax consequences. Look at each individual asset closely and consider what needs to be done to effectively detangle your interest in that asset from your spouse’s. 

By carefully considering how your approach may impact both your divorce process and your financial future, you’ll be more empowered to make informed choices about your options. Don’t hesitate to seek legal guidance as well. Unless you’re a financial expert, chances are that you can benefit from some professional help during this chaotic time.