Which action is recommended when a couple separates to protect individual financial interests?

Closing joint accounts is a strategic and recommended action when a couple separates to protect individual financial interests. This step is vital because joint accounts represent shared financial interests, and either party can withdraw funds or incur debts that would affect both. By closing such accounts, individuals ensure that their former partner cannot access the funds without permission, thus safeguarding personal finances during the separation process.

This action helps establish clear financial boundaries and protects against potential financial disputes that may arise amid the emotional impact of separation. Furthermore, it lays the groundwork for separating financial responsibilities and managing individual responsibilities and assets moving forward.

While informing family members, transferring property to family members, and changing beneficiaries on policies may have their places in the broader context of managing a separation, they do not specifically address the immediate need to protect one’s finances in the most direct, proactive manner like closing joint accounts does.