Separation is not only an emotional ordeal. It can quickly turn into a financial problem, especially when partners have joint accounts, loans, property or one of them had greater control over family finances.
Lawyers point out three main steps that are a good idea to take at the beginning of the separation: to collect and keep financial documents, to clarify what happens to joint bank accounts and not to sign anything before its contents have been carefully checked.
The first task is to provide access to documents that show the real financial situation of the family. This includes bank statements, loan agreements, data on savings, investments, real estate, insurance and pension rights. Such information can be important in the future settlement of property relations and maintenance.
In the event of a divorce, among the main economic consequences are the settlement of property acquired during the marriage and possible maintenance between the former spouses.
The second important topic is joint bank accounts. After a separation, it is necessary to clearly establish who has access to the money, what automatic payments continue to be made and which joint obligations must be serviced. If you act hastily, there is a risk that one partner will be left without funds for current expenses or that disputes will arise over amounts already withdrawn.
The third piece of advice is not to sign agreements under pressure or only based on the assurance that “later everything will be divided fairly“. It is precisely such verbal promises that can lead to costly mistakes. Before signing any document that affects property, debts, alimony, or the waiver of rights, it is wise to seek independent legal advice.