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Avoiding financial complications as part of the divorce process

Many decisions must be made when a married couple works to disentangle their lives together. Fortunately, many couples in New Hampshire who are seeking a divorce are able to come together peacefully and make the necessary decisions. However, even when a split is amicable, a person seeking a divorce can take certain measures to help protect his or her financial situation.

One of the first steps to take is the secure proper documentation. Having several years of financial statements from individual and joint accounts can help with the process of dividing assets. Having such documentation can be especially helpful if an estranged spouse makes large purchases from an account that is jointly held after divorce proceedings have been initiated.

Closing accounts that are jointly held as soon as possible may also be beneficial. However, to protect a person's credit score, opening individual credit cards or other lines of credit may be appropriate. Also, monitoring a person's credit score following a divorce may help detect any problems, such as a mistakes made by a creditor, a dip that may occur as accounts are closed or debt that accumulates in an existing account without the person's knowledge.

For many people in New Hampshire, the decision to divorce is the first step to a happier future. Taking certain measures during and after the process can help ensure that financial issues do not complicate the time following the end of a marriage. An attorney with experience in family law can help people both protect their interests as well as take appropriate action in the event a dispute over finances arises.

Source: newsok.com, "4 Ways to Protect Your Finances During a Divorce", Shawn Leamon, Jan. 24, 2017

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