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Protect Your Financial Footprint Prior To A Divorce

A divorce is an issue that millions of people face during their lifetime. When a marriage is no longer sustainable or healthy, the best way to end it is through a divorce. Separation is also an option, but simply separating doesn't solve a lot of the problems that many couples face. If you are moving toward a divorce in Colorado Springs, you should start protecting your financial footprint immediately.

The first thing you need to do is pay down your credit card debt and then close those joint accounts. Once the joint accounts are closed you should open an individual credit card account if you don't already have one. You should refrain from accruing any further debt during the divorce process.

Open an individual checking account with your bank. You likely already have joint checking and savings accounts with your spouse. Leave these alone for the time being, but make sure to open an individual account so that you can begin depositing money in it.

Create a budget that uses just your income. You will need to stick to this budget as times will be tough while you get used to living on just a single income. You may have to change spending habits during your divorce and after the divorce becomes final.

Be sure to check the balances on all retirement accounts and other assets around the time that the divorce notice is given. This will help you understand how much money is in those accounts so that you are not surprised when the division of assets occurs.

Now that you see the steps you need to take to protect your financial information, you should do so as soon as possible. This will help with the division of assets and other issues that crop up during a divorce in Colorado.

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