People in Colorado who legally separate from their spouses do so for many reasons. Some people treat it as a trial period before filing for divorce. Others use the time to work on their relationship, while still others may not wish to divorce and see separation as a long-term solution. At Frost & Beck, P.C., we understand that you matter the reasons behind your separation, you want to make sure that your rights and finances remain protected.
If you and your spouse have decided to live separately, one of the first things you should do is separate your finances. If you did not previously have a lot of knowledge about your finances as a couple, now is a good time to learn, advises Forbes. Any new debt that is incurred under joint accounts while you are separate will remain the responsible of both people, even if you were not involved with or consulted on the spending. Therefore, opening new accounts in your own name may be a savvy move.
In addition, have a written separation agreement drawn up is extremely important. By putting down on paper who will be responsible for what bills and who will have custody of the children and when can save you a lot of time and trouble down the line.
Whether your separation is only temporary, leads to a divorce or becomes a long-term situation, working out the details is extremely important. For more information on the legal steps necessary to separate from your spouse, please visit our web page.