When a Saint Lucie couple decides that a divorce may be in the cards they may feel like they need to physically separate immediately. Before separating, there are certain issues that should be worked out among the couple because the financial implications can be serious.
First, a couple who is considering separation for more than a few months should be up-to-date on financial matters in the marriage. If one spouse doesn’t know anything about the marital finances, it can lead to a dangerous financial situation. Each spouse should have a credit card in their own name that is not attached to the other spouse. This can help a person obtain good credit which is key when they become single. In the same vein, all joint credit cards should be closed so that neither spouse racks up any credit card debt. An attorney should draw up a legal separation agreement that includes liability for any debt incurred during the separation, child and spousal support, how marital assets will be divided and how the bills will be paid, insurance needs, retirement savings, and other matters that an attorney can offer their advice on.
A marriage separation is an incredibly emotional situation for everyone involved. A legal professional who is skilled in divorce can help a person with the serious issues that need to be resolved. These can include asset division, retirement plans, and child support. No two divorces are the same and an attorney can help protect their client both during the divorce and after. They know what is at stake for their client and can make sure their best interests are protected.
No one expects their marriage will end in a separation or divorce, but it does happen to a large percentage of Americans. In these cases, a person should have an attorney to protect their interests both now and into the future.
Source: forbes.com, “Dos and dont’s of marital separation“, Jeff Landers, April 4, 2017