Tuesday, January 17, 2012

Financial Tips for Divorcing Couples

Divorcing couples often come face-to-face with unexpected financial issues when going through a divorce. Here are a few general tips to deal with the financial stress of divorce:

Separate your bank accounts. Separating your checking and savings accounts before your divorce may make the divorce process less stressful because it will be one less issue for the Courts to decide.

Check your credit. If you are unsure of your credit accounts, run a credit report prior to your divorce to ensure you are covering all of your bases. Clients are often surprised to learn that divorce does not impact joint credit card or other joint debts unless they are specifically addressed in your divorce documentation. If your name is on a credit card you are still responsible for that account.

Do not stop paying your debts. Your debts and financial obligations do not stop during a divorce. Ensure that your marital debts are being addressed to avoid any future fees and consequences.

Check your deed. If you own real estate, check whose name(s) are on the deed itself. Sometimes clients believe they are both on the deed, when a closer inspection reveals that only one party is. The lack of your name on the deed will not necessarily impact the division of your marital property, but is a key issue in the documentation of your divorce.

Talk to a Tax Attorney or Certified Public Accountant. Although family law attorneys can work on your divorce, many are not trained in tax and accounting services. It is important to talk to an expert to make sure that the terms of your divorce are in your best financial interests.

See our website at Bechtold-Law for more information on divorce.

Contact our office at 770.466.2700 or Christine@Bechtold-Law.com to schedule your free initial consultation.

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