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Advice for financial protection amid divorce

Contrary to popular belief, the end of a marriage does not have to bring about financial problems. In the state of Utah, divorce can certainly be a taxing and expensive experience. However, there are certain steps that couples can take to help ease the financial burden of a breakup. Of course, complications can and will arise, but if couples work together and make smart decisions, both parties can make it through a divorce without financially damaging themselves.

One of the most important things divorcing couples can do is to plan ahead. Couples will want to familiarize themselves with individual and joint accounts and take inventory of any shared assets. It may be best to close any shared accounts and freeze joint credit cards until the divorce is finalized. It's also appropriate to consider changed passwords on accounts.

A separation can be a long and expensive process, so it would be helpful for individuals going through a divorce to negotiate support. Individuals can ask the court to be granted temporary relief, also known as pendente lite, which can mean the primary bread winner would be responsible for child support, temporary alimony, and/or other household payments while the divorce proceedings are pending. Also, alimony payments are typically tax deductible.

The end of a marriage is always a very trying and emotional experience, but it does not have to be financially devastating. Cooperation and open communicate about finances can help to provide financial security to those facing a divorce. Individuals considering divorce in the state of Utah could benefit from seeking the services of an experienced attorney to help guide them through this difficult time in their lives.

Source: wisebread.com, "How to Protect Yourself Financially During a Divorce or Separation", Samantha Stauf, July 10, 2017

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