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 decisions will include car debt, loan debt, credit card debt, etc. Such decisions are difficult, but necessary to avoid credit problems post divorce.
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.
Determine cash assets, decide on a split of same and close all joint checking and savings accounts. Then open new accounts with one name only. This way, neither partner can access the other's accounts.
During this process, pay all debts even if you have to sell some things to do so. This way, you are each then responsible for your own individual debts. You want to have your own financial base when you leave the marriage.
Financial arrangements will be specifically written into your final divorce decree including the responsible party for debts. However, if any joint debts remain and the decreed responsible party defaults on payment, creditors may still seek payments from the ex spouse. Take care of this possibility. - 16003
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 decisions will include car debt, loan debt, credit card debt, etc. Such decisions are difficult, but necessary to avoid credit problems post divorce.
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.
Determine cash assets, decide on a split of same and close all joint checking and savings accounts. Then open new accounts with one name only. This way, neither partner can access the other's accounts.
During this process, pay all debts even if you have to sell some things to do so. This way, you are each then responsible for your own individual debts. You want to have your own financial base when you leave the marriage.
Financial arrangements will be specifically written into your final divorce decree including the responsible party for debts. However, if any joint debts remain and the decreed responsible party defaults on payment, creditors may still seek payments from the ex spouse. Take care of this possibility. - 16003
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