Finding yourself on the separated side of marriage takes a lot of getting used to. On top of the fact that you have lost the person you once loved more than anything, you are now faced with several life changes that may take at least a year to get through.
With an average of over 40 percent of all marriages ending in divorce across the globe, it’s a good wake up call to realize what lies ahead following separation. After years of building your finances, home, and lifestyle around another person, the daunting task of pulling these areas of your lives apart and changing everything can be overwhelming. The important thing to remember is that although it takes time and maybe even counseling, you eventually come through it and though life is different than it used to be, it slowly becomes normal again.
Most couples share bank and savings accounts. Upon separating, it’s important to go into your financial institution together to close out your accounts and create new, independent ones. Keep in mind that banks are now only required to cater to the first person who comes in, removes funds, and closes out the accounts. They no longer require both of you to be present. If you are unable to go in together, be sure to at least get your half of the finances and establish a separate account as soon as possible. Retirements can be addressed in the divorce paperwork, as well as other assets that are … Read More