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Avoid the financial pitfalls in divorce

A recent Fox Business report outlines several important lessons about divorce and protecting one's finances and credit score. This is the first of two posts on the topic, which will hopefully help you protect your best interests in the case of divorce:

Sometimes, compromise could be worth it

In certain divorces, especially those that are highly emotionally charged, so much of the focus is on winning now rather than on the long term. There might be a certain amount in spousal support or marital assets that you believe you deserve. Putting up a fight for your interests is important, but financial advisors warn that the fight sometimes takes over one's best judgment.

If your attorney and/or financial advisor has advice regarding a settlement, at least give it some thought. The sound of mind and protection of a relationship might be more valuable than getting the exact amount of support your emotions tell you that you should get. Of course, don' ever make a decision that you do not feel completely comfortable with.

Your marriage is over, so dump your joint accounts

"What's mine is yours, and what's yours is mine." That might have rung true during your marriage, but once the union is officially over, you want to work your way out of that situation. It can be dangerous to still have accounts or credit cards out with both you and your ex's name on them.

For example, your ex could be using a credit card and failing to repay the debt, a problem that comes back to haunt you, no matter your innocence. Fox Business suggests that in order to ease your mind and protect your wallet and credit score, cancel all joint accounts before or upon divorce. Also, it's important to discuss joint credit card debt during the divorce process, as you and your soon-to-be ex should determine how those debts will be handled in the divorce agreement.

In our next post, we will continue this discussion by sharing a few more tips from our source. Check back soon. And don't be shy. If you have an experience, tip or question that relates to this post, please share it.

Source

Fox Business: "6 Financial Mistakes to Avoid in Divorce," Teresa Bitler, 21 Mar. 2011

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