This is the second of the five divorce financial tips from an article on Yahoo.com entitled Getting a Divorce? 5 Ways to Ensure It’s Not a Financial Disaster. Here the article recommneds that you close all joint bank accounts before the divorce and begin opening separate accounts. Again, this may seem like common sense and it is generally good advice. But, there is often more to the discussion than simply closing bank accounts and denying the other spouse access to “your money.” In particular, things get complicated when the issues of alimony and child support are involved.
It can be important to manage the money very carefully when dealing with a separation and divorce. This can be particularly true if you are a supporting spouse or if there are children involved. It can be dangerous to cut off funds to the other spouse or to the children. You should seek the counsel of a good divorce lawyer if you are contemplating such a divorce strategy.