Dr. Judith Gerhart, CFP
Certified Divorce Financial Analyst 
« First Step to Splitting the Money | Main | Third Step to Splitting the Money »
Second Step to Splitting the Money
October 9, 2008
2. CLOSE JOINT ACCOUNTS TO PREVENT YOUR EX FROM ADDING TO THE TAB OR LEAVING YOU A BILL.
Check with your attorney first as timing and motive can affect the outcome of the judge’s decision on asset allocation. “Old accounts need to be closed, the proceeds divided as agreed upon and new credit established in individual — as opposed to joint– accounts,” advises DuCanto. The same holds true of checking accounts as the bank can collect bounced check fees, insufficient funds and overdrafts from anyone named on the account. It’s also wise to be wary of the other side’s attempt to “save money.” “The most interesting client story I ever had was a wife that persuaded her husband that he had lower interest rates on his credit cards and they should transfer her balances to his cards. They did and the next day she left,” says Rhode.
Posted by Judith Gerhart on October 9, 2008 | Permalink | Post a comment
