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Re: When is the Money Divided?

Briana: I was divorced in 2009. There other things (assets) to be considered also besides money like a house and retirement benefits. In most States the assets are split 50/50. During the divorce process we filled out financial forms called "discovery". We had to put down on a form all the bank account and retirement CD info. (show the money) and whether or not is was jointly held or individually. In my divorce I got the cottage and he got his 401K retirement and I get his social security when he passes (an equal amount, 50/50 "on paper"). I did not have any joint bank accounts with him and all we had together was a line of credit, one Dept. Store credit card and one joint major credit card - nearly all the charges were his so he paid it off. The Lawyer told me during the divorce process (before the divorce was final and after he filed) to cancel/close all things we had jointly). My ex still had one Dept. Store card and a line of credit he was using after the divorce was final and it showed up on my credit report so I had to close them both (did not know about them). I hope you have a Lawyer to advise you on these things and keep checking your credit report. A Lawyer will also tell you what to do with regard to taxes. Find out what the divorce laws are in your State. Hope this helps.