Separate joint accounts and establish individual banking arrangements immediately upon separation

Financial separation requires careful planning and decisive action to protect both parties’ interests. The key steps involve establishing clear financial boundaries and documenting all transactions.

• Close all joint bank accounts and divide the assets according to agreement
• Open new individual bank accounts at separate financial institutions
• Cancel or freeze joint credit cards and apply for individual ones
• Document and photograph all household assets and their values
• Create a detailed list of shared debts and financial obligations
• Redirect your direct deposits and automatic payments to new accounts
• Consult a financial advisor or accountant familiar with separation matters

Consider working with a Certified Divorce Financial Analyst (CDFA) who can help develop a comprehensive financial separation plan and ensure all legal requirements are met. Keep detailed records of all financial changes and agreements made during this transition period.