If money weren’t complicated enough, whenever you have a separation between two adults, things can get even more tense and anxious. That’s why it’s important to think about what happens with money as you’re discussing the potential split with a partner that you been west, particularly if it’s been long term.
The financial aspects of separating may involve getting a lawyer, separating joint accounts, working with child support, and deciding who gets to keep what when it comes to belongings, real estate, and other things. Even though it’s not a romantic notion, talking to your partner in advance about these kinds of topics can smooth things over later.
Getting a Lawyer
Even if you’re splitting amicably, you should always contact a divorce lawyer if divorce is in the equation. Divorce lawyers aren’t just for being nasty or attacking your spouse – they’re also for making sure all of the correct paperwork is in order, and making sure everyone gets what they deserve within the legal realm. Even just talking to a divorce lawyer is a good idea before getting too involved in discussions with your spouse – they may be able to answer questions that you don’t even know you have yet.
Separating Joint Accounts
When it comes to separating joint financial accounts, there can be a little bit of tension as well. If both people were contributing to a fund, it might be difficult to figure out how to untangle one or more accounts. Particularly if there were investments that went into or if one retirement fund is more substantial than another, or many other factors. Joint accounts are a good idea for several reasons, but they can quickly turn into a bit of a mess when people decide that they’re going to split up. Again, research in advance of the decision is vital.
Working With Child Support
If you and your spouse have children, then you have to figure out how child support is going to work. Depending on who makes more money, where the child is going to go, if anyone is moving into a different geographical area – all of these factors will contribute to what that eventual number is going to be financially.
Who Gets To Keep What?
If you own a home with your spouse, you have to figure out pretty early on who gets to keep it if you’re separating. And a house may be worth something positively, or it could be a matter of debt. Then there’s the matter of jewelry, cars, clothing, furniture – all of these things have to be split up one way or the other, and all of them have different financial values. Add in the fact that there will be an emotional value attached to some of these items, and you begin to understand how separation can be complex financially.