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The added stress of separating yourfinancescan also feel messy, if not managed right.
Thankfully, experts say its possible to do so effectively.
Andrew Gosselin, CPA and senior contributor atCoupon Mister, agreed.
Here are the bestways to go about separating your finances after a breakup.
This means obtaining complete statements and understanding each accountscurrent balance and liability structure, he said.
If theres a home, figure out its value and the remaining mortgage.
Include cars, valuable items, or even smaller shared things like electronics or furniture.
Having this list helps you see the full picture and ensures nothing gets overlooked.
This involves contacting banks to revoke joint account access, updating all passwords, and establishingnew individual accounts.
He said this prevents potential unauthorized transactions and protects your credit score.
Prioritize Debt Allocation
Shahnazari explained that debt allocation becomes a crucial consideration during financial separation.
For shared debts, Gosselin recommended deciding who takes responsibility.
The idea is to leaveno shared liabilitieshanging over either of you.
Protect Your Credit
Protecting your credit is paramount during this process, said Shahnazari.
I recommend obtaining a comprehensive credit report to identify all shared financial instruments and monitoring for any unexpected changes.
Freezingjoint credit linesand establishing individual credit can prevent potential financial vulnerabilities during this transitional period.
Seek Professional Assistance
If things get complicated, Gosselin said its worth involving alawyer or mediator.
These steps, he noted, ensure clarity and protect both parties from future disputes.
Once youve reached an agreement, make it legally binding.
This isnt about mistrust its about ensuring theres no room for misinterpretation later.
Its about being practical and methodical.
Its not always easy, but its worth it to regain control and move forward with confidence.
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