Tending to Money Issues Immediately, part 1


Once a separation seems inevitable you must turn your attention to money issues as quickly as possible.  If you wait, you may fall victim of a variety to different problems.  You may find that you are responsible for credit card debt that was incurred after you moved out, or that one of your joint accounts has been wiped clean of all its assets, or that the home equity account that was there in case of emergencies now has a loan against it for $20,000.00.  Do not be afraid to separate your accounts immediately.  If you should end up getting back together, you can always comingle these accounts again.

Make sure all joint accounts are closed or divided when you separate.  Before doing so, set up an account in your name, and make sure that you qualify for credit since your individual credit rating can be affected if you close out an account.  Do not freeze accounts.  One or both of you may need access to the funds for any number of reasons.  With your attorney’s approval, split the money from joint accounts equally.


Coming up next:  Steps to take to secure your financial stability and independence.