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Financial concerns are normal when heading toward divorce

Though many people try to make their marriages work even when they hit hard times, it is not meant for all relationships to work out. As a result, numerous Utah residents may be considering divorce, but they may also worry about how the process will affect their lives. In particular, they may have concerns about the property and the financial impacts of ending a marriage.

Fortunately, individuals do not have to fear that they will be left with nothing after a divorce. They can take steps to prepare for the process and work toward protecting their assets. For example, parties can inventory their assets and gain a clear idea of what is marital property and what is separate property. By having this information, each person can know what he or she may need to put more effort into protecting.

Additionally, it is wise to set up a separate bank account, especially if the only checking account is a joint account. By having a separate account, it's easier ensure that some liquid assets can be accessed easily that a soon-to-be ex-spouse cannot access. Of course, this does not mean that a person should open a separate account and move all of the assets from the joint account into it.

Divorce certainly changes lives, but it does not mean that Utah residents have to start completely over, especially when it comes to their finances. If individuals are concerned about property division proceedings, they may want to gain information on how state laws will affect the process and what their options are for working toward favorable outcomes. Discussing this issue with experienced attorneys could be helpful.

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    — Tawny A.

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