One of the questions I most frequently get asked when clients are going through a separation is: 'How do I manage my money?'. It can actually by answered by breaking it into 3 simple steps.
- Take a snapshot of your financial profile - record how much is in each account, any savings, credit cards and retirement accounts.
- Split the liquid assets in half and keep one half (the half for your former partner) in a safe place, such as a new account or savings account.
- Try and avoid making any major purchases - such as new cards or down payments - or dipping into the other half until a separation agreement has been worked out.
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