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Decoupling Your Finances: How to Divide Your Money in a Divorce
Divorce can be messy, not least from the financial viewpoint. Disentangling your finances from those of your former spouse can be incredibly complicated.
If you find yourself in the middle of a divorce, follow these steps to cover your bases and recover your assets.
Key Takeaways
- Close joint bank accounts and, if you don’t already have one, open your own.
- Get a copy of your credit report to identify all the credit cards and loans attached to both spouses.
Close any joint credit lines.
- Prepare to divide the assets you have in investment and retirement accounts.If i divorce my husband am i entitled to his pension
Retirement accounts have specific rules dictating how this is done.
- If you and your ex own a home, you’ll have to decide who will keep it or sell it and split the proceeds. If you get the house and it has a mortgage that still needs to be paid off, you’ll need to refinance it in your name only.
Community vs.
Separate Property
Your first consideration is how your state views property ownership in a marriage. The law guiding how assets will be d
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