Have you put aside the romantic notion that love conquers all…No matter how intense your emotions, it’s important to remember that ending a marriage is in fact a business deal. Those who ignore the business aspects of divorce do so at their own peril, as that divorce statistic shows. Many people seemed shocked by the advice that women and men should prepare themselves financially before ending a marriage.
Here are (3) important business affairs that required your attention:
1. Pull your credit report.Pull your credit report before the divorce so that anything in dispute can be resolved before the divorce is final.
2. Open individual bank, credit card and brokerage accounts.
You also need to do this before the breakup is official. It will be easier to get a credit card and bank account in your own name while you are still married. This is especially important for a woman who has never established credit in her own name.
3. Close all joint accounts.Closing shared accounts is a critical step and one that is too often overlooked. Cancel the accounts and be sure to request that they report each account as “closed by customer” to the credit bureaus. Divorce can take time; pay off share debt with joint assets if possible.
Since money is the number one cause of divorce, it’s safe to assume that splitting the financial sheets won’t be easy. Have you considered all of the financial ramifications in your situation?