What To Know & Do Upon Separation
Some of the problems that commonly arise relating to finances upon separation include:
- Hiding of assets
- Bank accounts being drained
- Selling off property
- Bills not being paid (eg mortgages, loans, credit cards)
- Lack of access to financial resources; or
- Lack of knowledge about current financial position
When it comes time to finalize how you are going to divide your assets (referred to as a financial or property settlement), it is what is remaining that is shared. So, if money is moved, spent or wasted, what is left over is what can be divided in that settlement. There is no opportunity