Divorce and Money: How to protect financial assets

Divorce and Money: How to protect financial assets (VIDEO)
Published: May. 15, 2015 at 3:36 PM EDT|Updated: May. 18, 2015 at 2:30 AM EDT
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CINCINNATI, OH (FOX19) - The end of a marriage isn't just an emotional roller coaster, it's often a financial one too. Between 40 to fifty percent of American marriages end in divorce, studies claim.

About half of men and women are left in a worse financial situation after a divorce. Women are more likely to receive custody of the children, which means added expenses even with child support.

Divorce is an emotional process and also a business decision. That's why implanting a financial plan can protect assets before filing and during the process as well.

Before filing for divorce, gather financial documents including copies of statements from the bank, investment accounts and credit card companies. Pull credit reports to check for errors and most importantly, open a bank account in your own name.

If there's reason to believe a spouse is hiding money, Simply Money suggests consulting with a forensic accountant. This is someone who knows how to talk to an employer, look at all the statements, and figure out if the money adds up.

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