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Money management tips for separated couples

by | May 3, 2018 | Property And Asset Division

Finding out that your spouse wants to separate from you is never easy. Even if your marriage has taken a bad turn lately, you are just never prepared for something like this. Separation doesn’t always lead to divorce, but it very likely could be the start of the entire process. Here are some tips for managing money during a separation from your spouse in New York.

Put a budget together as soon as possible. You will want to operate using your own money during a separation to get a feel for what it will be like if the marriage ends in divorce. Stick to the budget as much as possible. You will need to make some very difficult and tight decisions to survive financially.

If there is an agreement between you and your spouse for the separation regarding the payment of bills and other items, be sure to follow the agreement. Do not fail to pay utility bills or medical bills just because you are not getting along with your spouse at the time.

Refrain from making any major decisions about your money. The same can be said about making major purchases. If a major purchase must be made due to an emergency, such as a failing appliance, talk it over with your spouse and inform them of the situation. Both of you will be on the hook for the bill, not just one of you.

Now that you know how money should be handled when separated from your spouse, you need to put these tips to use. Protect your finances and prepare for what might come next as divorce could be on the horizon in Oneida.