Spring has officially sprung in Colorado. As the weather warms up and our thoughts turn to our annual cleaning regimen, experts say that additional spring cleaning could be used to improve our financial situation. If you are thinking about a divorce, you should consider getting your finances in shape during this tax season and onset of sunnier days.
Divorce experts say that it is imperative for individuals to get their financial documents in order before a split. This is useful during tax time, but it is also critical for those who are anticipating property division negotiation in the near future. After you inventory your financial holdings, be sure to keep a copy of a financial information checklist in a safe deposit box or with a family friend. These critical documents can help you protect your rights and get your fair share of the marital estate.
Individuals who are anticipating the end of a marriage are also encouraged to transfer assets into bank accounts and credit cards that are in their own names. Open new accounts at a different bank than the one that holds your joint accounts. You will need both savings and checking accounts, according to financial experts. Applying for individual credit cards can also be a wise decision as asset division processes begin in earnest.
Finally, couples are encouraged to know their tax situation before divorcing. Your divorce timing will determine whether you file jointly for 2014. Tax considerations weigh heavily in many divorces, and they should be evaluated by a team of qualified divorce professionals.
Colorado attorneys may be able to help clients who are thinking about initiating a divorce. Spouses who are concerned about their financial situation at the end of a marriage may benefit from the guidance of a family attorney. These professionals may help clients receive their fair share of the marital estate.
Source: Forbes, “Six Steps To Financial Spring Cleaning For Divorce” Jeff Landers, Apr. 01, 2014