When you are about to file for divorce, you know that this is a horrible experience no matter how much you want to do it. There are things you both need to know about and deal with when considering your financial issues. Legal advice may help with this.
Finances should be worked out, if at all possible, before the divorce is completed. Credit reports for each partner need to be secured, examined and fixed so that both reports are accurate. When you examine your finances you will e able to see what credit issues need to be decided.
There are issues if you are responsible together for a mortgage. Home issues need to be carefully managed particularly if there is alimony and child support involved. You may decide to sell the home or to let one partner buy it. That would take care of that joint loan.
Other debts including cars, credit cards, utilities, loans also need to be only in one name. These decisions are not easy ones but are necessary.
When credit cards are in both names, get them changed to one name only. If this is not done and payments stop (even though one of you has been deemed responsible), creditors can come after the other partner. This can lead to going to "collection" and numerous unpleasant collection calls. Eventually this situation can lead back to court battles. You should know that the poor credit of one partner can affect the credit of the other.
Figure out all cash assets and how these will be divided. Do the split, close any joint checking and savings accounts and open accounts in individual names. No one can get to the other's money.
It would be very positive if all joint debts could be paid even if some things have to be sold. This would ensure that each partner is responsible for his/her own debts. You want to move on with your life knowing that your financial base is secure albeit smaller than before the divorce.
Your divorce decree will spell out financial arrangements and the party responsible for each debt. However, if there are still joint debts, these can make life miserable if a creditor is not receiving payment and cause problems for the spouse decreed not responsible. Be proactive about this situation. - 15224
Finances should be worked out, if at all possible, before the divorce is completed. Credit reports for each partner need to be secured, examined and fixed so that both reports are accurate. When you examine your finances you will e able to see what credit issues need to be decided.
There are issues if you are responsible together for a mortgage. Home issues need to be carefully managed particularly if there is alimony and child support involved. You may decide to sell the home or to let one partner buy it. That would take care of that joint loan.
Other debts including cars, credit cards, utilities, loans also need to be only in one name. These decisions are not easy ones but are necessary.
When credit cards are in both names, get them changed to one name only. If this is not done and payments stop (even though one of you has been deemed responsible), creditors can come after the other partner. This can lead to going to "collection" and numerous unpleasant collection calls. Eventually this situation can lead back to court battles. You should know that the poor credit of one partner can affect the credit of the other.
Figure out all cash assets and how these will be divided. Do the split, close any joint checking and savings accounts and open accounts in individual names. No one can get to the other's money.
It would be very positive if all joint debts could be paid even if some things have to be sold. This would ensure that each partner is responsible for his/her own debts. You want to move on with your life knowing that your financial base is secure albeit smaller than before the divorce.
Your divorce decree will spell out financial arrangements and the party responsible for each debt. However, if there are still joint debts, these can make life miserable if a creditor is not receiving payment and cause problems for the spouse decreed not responsible. Be proactive about this situation. - 15224
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