An important part of finalizing your divorce with the help of a Norwalk family lawyer will be the work of separating your and your spouse’s finances and assets. In some ways, a divorce is a business transaction as much as a family matter. Here are some steps you can use to begin the transaction.
Start by opening a separate checking account in your own name if you don’t already have one. From now on, you will need your own financial reserve separate from your spouse’s. It’s alright if you can’t put that much into it to start, just make sure the account is available to you. Set aside some of your own cash for emergencies and store it in a safe place, just in case the bank accounts and credit cards are frozen during the divorce proceedings, which sometimes happens.
You and your spouse will have to work out what to do with the joint back accounts. A common solution that your Norwalk family lawyer might suggest is to close them and to split the funds evenly amongst yourselves. Similarly, you will probably want to close any joint credit card accounts and open a new credit card in your own name. If any of the cards have an outstanding balance, have it transferred to the individual cards. For your own protection, monitor your credit report to ensure no new lines of credit are opened with your name.
Get statements for all your joint investment accounts. Freeze them so that no money can be withdrawn from them.
For more information on how you can best proceed with your divorce, contact a Norwalk family lawyer at the Law Offices of Piazza, Simmons and Grant LLC at (203) 348-2465.