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How to Protect Your Financial Assets When You Are Separating From Your Partner

 

When you first embark on your relationship with your partner, you do not think it will end up with you both in a lawyers office fighting for custody of your financial assets and perhaps children too. But unfortunately if your relationship does break down you need to ensure that you are not left with nothing and are financially stable. So here are some tips to keep you afloat. 

 

Keep your own savings account

 

Naturally there are going to be instances whereby you have a joint bank account to settle monthly household bills. But it is always a good idea to keep your own savings that you have built up for years in your own bank account. This will prevent you from being left with no cash if your partner decides they want to empty the joint bank account, which you can do nothing about legally. 

Of course, this tip applies to any joint finances that you might have. Take a look at some of your options, such as a credit union checking account, taking into account not just the transference of the money’s ownership directly to you, but also if the account offers any advantages you might not have had in your previous account.

 

Ask for professional advice

 

If there are children involved in the separation then it will certainly be necessary to employ the services of family lawyers. They will be able to provide a professional and knowledgeable approach to your situation and help you work through the legal procedures of parenting divisions and child support. It will already be quite a stressful and emotional time for you to deal with, without having to read up about your legal rights and the procedures to follow. 

 

 

Close your joint accounts

 

You will no longer require the joint account you previously used with your partner so it is advisable to close it down. It can also help to protect you from any issues with debt if your partner had a bad credit rating as this can affect you should you need to apply for any loans for example after separating. 

 

Organize where you are going to live

 

Unless you still have a mortgage to pay off in the property you both owned, then it is a good idea to find a new place to live. This will enable you to make a fresh start, once you have both divided up the property assets equally and fairly. It will certainly be a lot easier to begin the next chapter of your life without having to still live in the same property as your ex partner. 

 

Avoid luxurious expenditures

 

The process of separating and divorce can be quite a lengthy and costly affair so it is best to hold off any extravagant expenses until the separation is legally complete. This will ensure you have enough money for legal proceedings and can help in the event that your partner was to dig around and look for an excuse as to why you should not have joint custody of your child/children. They could make it appear as though you are reckless with money in court appearances which would not create a great impression to the judge who would be deciding your case.  

 

(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)

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