Considerations Before You Divorce|
following financial considerations are important, as divorce and credit go hand
in hand. How you proceed now can affect you financial standing in the future.
It is vital to make sure that all payments for the mortgage, rent, utilities,
loans, and credit cards are made on time. Because delinquent accounts will affect
your credit severely in the future, call all accounts and request to be notified
of any missed payments. You may want to freeze or close joint credit accounts,
or better yet, ask the creditor to convert them to individual accounts in the
name of the person who will ultimately be responsible for the debt. Making account
changes before the divorce is finalized saves a lot of headaches.
Considerations on Assets
The biggest financial considerations center
on dividing the assets. Because not all assets are created the same, you need
solid information when deciding how to split everything. The consequences of not
understanding and finding out when it is too late can be financially and emotionally
devastating! To make sure that you get what you deserve, check out the Property
Division Handbook. This book explains in detail the property distribution aspects
of divorce and separation. It focuses on the rights each spouse has under certain
laws, situations, and circumstances, and how the division of the property will
be decided by the court or through negotiation.
Considerations on Credit Standing
very important financial consideration in your divorce is to find out what your
credit rating is. You should get a credit report now to determine if there are
any blemishes that will hinder your future ability to borrow money. If there are
mistakes on your credit file, or if a reported debt has been paid off, contact
the reporting agency to rectify the situation.
service that I like is FreeCreditProfile.
They not only offer you a free credit report--you'll also receive a free credit
score and free debt analysis. All this online in seconds. From the name you trust.
If you have a
history of irregular payments on outstanding debts, you should contact the individual
companies to see if they will lower the payments. Once you have made regular payment
for six months, they should remove the blemish from your report.
Considerations on Individual Credit
you have determined your credit history, a wise financial consideration is to
establish credit in your own name. The Discover®
Card is a good card to consider, with competitive rates and low fees. When
applying for a card, keep in mind the varying interest rates, as a lower interest
rate equates to lower monthly payments. Also be aware of whether the interest
rate is variable or fixed. A teaser rate on a variable rate card may be enticing,
but can eat your lunch when the introductory rate is over, and the rate then soars
to over 20%. With this in mind, choose a card with a low fixed rate.
Considerations on Bank Accounts
financial consideration is to establish your own bank account. If your paycheck
is automatically deposited to a joint account, have it switched to an individual
account in your name only. You may also want to take your name off joint accounts,
since you can be held liable if your spouse over-draws on that account. If it
seems likely that your spouse will clean out all the accounts, take your half
and put it in your own account. If he is a signer on the childrens accounts,
you also need to have his name removed, or have the money transferred to a different
Considerations on Taxes
you are separated, as a financial consideration, you can file your taxes separately
as head of household. Detail who gets to claim the children as dependents
in your legal separation. Keep this deduction if at all possible; it can mean
money in your pocket with the earned income credit. If you are claiming the children
as your dependents, make sure that your husband doesnt also try to claim
them. The last thing you need is an IRS audit
Considerations on Insurance
insurance coverage also needs to reflect your change in status. If both names
are on a policy, and your spouse has an uncovered liability, you can be held responsible.
The best financial consideration is to take your husbands name off the policy,
or get your own policy (and take your name off his). If you don't already have
an insurance provider, you can shop for the best insurance rates online at Netquote.com
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information covering what to include in your divorce papers and the other issues
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Advice for Cheaters
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advise everyone to talk to a lawyer from the beginning. Don't assume you don't
need one even if you haven't been married long and don't think you have significant
assets or debts to divide. The more assets in the marriage to dispute, the greater
the need for professional advice. Divorce tends to become more adversarial as
it moves forward.
To Decide If You Should Divorce
Gives you a step-by-step formula to reach a well thought-out, careful decision
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