Sacramento, CA asked in Divorce and Family Law for California

Q: I will be filing for divorce in a couple of weeks. When should we separate our finances?

Our separation date on form is March 2024

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2 Lawyer Answers
Robert Kane
Robert Kane
Answered
  • Eagan, MN
  • Licensed in California

A: Unfortunately, it is impossible to provide you any guidance. You have determine your separation date was in March and you will be filing for divorce next week. That's not much to go on. You both have an obligation to protect your property and disclose its whereabouts until everything is final. That's probably February at the earliest.

James L. Arrasmith
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Answered
  • Sacramento, CA
  • Licensed in California

A: Under California law, the date of separation is significant as it determines when earnings and debts are considered separate property. Since your separation date is set for March 2024, it's essential to begin separating your finances around this time to clearly distinguish between marital and individual assets and liabilities.

You should start by closing joint accounts and opening individual ones. This includes bank accounts, credit cards, and any other shared financial accounts. Make sure to notify your employer and update your direct deposit information to your new individual account.

Additionally, gather and document all financial records, including statements for joint and individual accounts, to provide a clear picture of your finances as of the separation date. This documentation will be crucial during the divorce proceedings to ensure an equitable division of assets and debts.

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