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Planning for a financial future during a divorce

For some North Carolina couples, an impending divorce could make it necessary to take steps to protect their finances. One important step may be to separate joint accounts and open individual ones instead. People may want to use this account to save for divorce-related expenses. Couples might also order credit reports and review them both to ensure they are each informed about any existing accounts.

This kind of transparency can be important to avoid the appearance of hiding assets. A person who is in a contentious divorce might want to remove some valuables from the home so they are not destroyed, but the person should also list those valuables as assets during the divorce. Another approach might be taking photographs of any valuables. In less fraught situations, it is still important to gather documents about accounts. For greater privacy in correspondence, people may want to get post offices boxes.

Some people may be unfamiliar with marital finances and might not have worked outside the home. They may need to gain an understanding of those finances and start job training. They may also need to make sure they understand what retirement accounts, pensions and similar investments are worth. People should avoid acquiring any additional debt at this stage if possible.

Disentangling property may be particularly complex if a couple has been married for a long time. Each couple may have appraisers with different estimates. Dividing homes, businesses and other assets may add additional complications. However, even in these more complex situations, people may want to consider mediation, collaborative law or another alternative dispute resolution method to reach an agreement about property division.

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