When you and your spouse end your marriage and create a divorce settlement agreement, the majority of important financial issue are going to be decided during this process and are going to become a part of your divorce agreement. For example, issues related to division of marital property, division of debts, and spousal support and child support are all going to be made either by you or by the judge during the process of ending your marriage.
It is important to realize, however, that there may be some additional steps you need to take when your marriage ends to make sure your financial affairs are actually firmly and totally separated from your spouse. For example, you should close joint credit cards which are in both of your names, as you could still be responsible for your spouse’s debt if your name is on the account. You should also change your will, and if your spouse is named as a beneficiary on your life insurance policy or in other accounts like a 401(K) where a beneficiary is designated, you should go in and change who your beneficiary is. An experienced divorce attorney can help you to make sure you tackle all of these important financial issues.