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Staying financially conscious may help during divorce

Ending a marriage can be an expensive endeavor. While some people may feel willing to shell out the needed funds in order to get out of an unhappy relationship, remaining level-headed and thinking through their actions could prove wise. Fortunately, there are many ways in which Utah residents could remain conscious of their finances while going through divorce.

One way that individuals could help themselves is to refrain from taking advice from friends or family. While these loved ones may have good intentions, they could lead divorcing parties down the wrong paths, which could end up proving costly in more ways than one. Instead, parties may want to ensure that they seek information from reliable resources, such as legal and financial professionals.

It would also be prudent to close any joint credit accounts. If these accounts remain open, either party could use those accounts to accumulate debt for which both individuals would be liable. In addition to closing joint accounts, opening individual accounts would also be a beneficial step in order to keep assets separate moving forward. Overall, keeping track of financial transactions could help keep information more clear.

In addition to remaining financially conscious, making sound legal decisions along the way could also help the process move more smoothly. The more quickly a divorce proceeds, the less expensive it may prove to be. If Utah residents would like to work toward the best financial and overall outcomes for their cases, they may want to ensure that they have the right legal information and assistance.

Source: cbs8.com, "Getting a divorce? Here are 20 tips for maintaining financial sanity", Josh Smith, May 30, 2018

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