Despite your intentions, your Colorado marriage may end in a divorce, and when it does, you may have concerns about how the split may impact your finances. The steps you take while your divorce is ongoing may have a substantial impact on your financial future. So, it is important that you set the wheels in motion now to give yourself a solid chance at financial success.
According to U.S. News & World Report, you may want to consider taking the following steps to protect your finances when your relationship ends.
1. Know what is in your accounts
It may surprise you how many people enter into divorces with no idea of what they have in their bank or retirement accounts. Make sure you have a firm grip on your assets and debts and how much money you and your ex have in your bank accounts, 401(k)s, 529 accounts and so on. Having a firm grip on how much you have should help you know where to focus your efforts during asset division.
2. Separate your bank accounts from your ex’s
Now is the time to make a clean financial break from your one-time spouse. Establish your own checking and savings accounts if you do not already have them. If possible, work with your ex to figure out how much of your shared accounts you should each take away. Otherwise, you run the risk of your former spouse potentially draining the account.
3. Consider enlisting the aid of a forensic accountant
You may find it beneficial to add a forensic accountant to your divorce team. This type of professional may be able to help you with anything from identifying assets you may not have considered to identifying assets your ex may have tried to hide.
Once your divorce becomes final, you have limited options available to you. So, you want to make sure to take steps to protect your financial future before your marriage ends.