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Financial concerns and divorce

The writing is on the wall. No matter how hard the Connecticut couple has tried, the marriage simply will not work out. When this happens, it is time to review one's situation and take the necessary steps toward divorce.

For most couples, financial concerns will be a prevalent factor. If the couple still uses a joint checking or savings account, now is the time to open individual accounts. Once this has been done, one's paycheck can then be deposited into this new account, and the individual can be assured that he or she will be the one with access to these funds. Additionally, one will most likely want to close joint accounts prior to or once the divorce is finalized.

Another financial concern to consider is debt. Many times, couples utilize joint credit accounts as well. The individual will want to establish credit in his or her own name. Additionally, whenever possible, joint credit accounts will need to be closed.

Finally, the Connecticut resident will want to update the paperwork associated with his or her accounts and finances. In most cases, the spouse is listed as the beneficiary on investment accounts, retirement accounts, life insurance policies and more. The individual will want to review each account and make the necessary beneficiary changes at the appropriate time.

The decision to divorce is typically not an easy one to make. However, once the decision has been made, the individual needs to take the necessary steps to ensure his or her financial future. By working with experienced legal counsel, the Connecticut resident can analyze the various steps that need to be taken and know what he or she needs to do to protect him or herself financially.

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