Those in Colorado who experience a marital breakup often find that their once stable life is now full of uncertainty. Divorce is not only a highly stressful and emotional event, but it can also cause a great deal of financial damage. Here are a few ways individuals can protect themselves financially when going through a divorce.
Never hide money
It may be tempting to hide money, especially if the other party is not trustworthy. However, hiding money during a divorce is never a good idea. It can result in contempt of court proceedings, high legal fees and loss of credibility with the courts.
Get separate bank accounts
As soon as divorce becomes inevitable, work with the other spouse to close any joint bank accounts. If all money is kept in a joint account, the spouse could withdraw it at any time. Make sure to be fully transparent with the soon-to-be ex before withdrawing money and opening a separate account.
Emergency fund
Try to save as much money as possible in case of an emergency. These funds should remain in an individual account that cannot be accessed by another party. Divorce is an unpredictable event, so it is good to have access to money just in case.
Professional assistance
Ending a marriage can be complicated and confusing. Hiring a professional is a good idea to help avoid both financial and legal mistakes. Those in Colorado who are heading for divorce may want to consider seeking the services of a knowledgeable legal professional. A seasoned attorney can guide individuals through this difficult event and ensure that their personal rights are protected.
