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How to protect finances after you’re asked for a divorce

For some people the question comes as a complete surprise, while for others it is more of an expected step in their marriage. No matter how a person felt when their spouse asked them for a divorce, it is important to take action in a timely manner. While there are many factors that cannot be dealt with until the divorce process gets underway, people in Louisiana can take important steps to protect themselves and their finances relatively early on.

It is unfortunately not uncommon for one person to think he or she is heading for a relatively amicable divorce only to discover that it is not meant to be. Joint credit cards are a serious problem during divorce, as either spouse can run up large debts for which the other spouse will still be liable for. Closing all joint credit card accounts as soon as possible will prevent this from happening.

Protecting finances is not always as easy as simply closing down an account. Joint bank accounts can be particularly problematic, as it is easy for one spouse to quickly drain the accounts before or during divorce. There is a solution that does not require closing down any savings or banking accounts. Banks will often agree to require two signatures before allowing any withdrawals from accounts. This approach is usually only helpful for savings and investment accounts, as needing two signatures for checking accounts used for regular expenses can impose a hardship on both parties.

Getting a divorce does not automatically mean that a person’s finances will be wrecked. In most cases, Louisiana residents can take careful and proactive steps to protect their financial security. This involves doing things like closing joint credit accounts, protecting savings and sometimes seeking guidance during complicated matters, such as property division.

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