Protecting Your Money When Getting a Divorce
Getting a divorce is a nasty business as it is without all the bickering about money. Issues about money get more complicated especially when it involves a big amount of cash. If the couple didn't sign a prenuptial agreement, the conflict can only get worse.
If you're planning to get a divorce, or already in the process of having one, you have to protect yourself financially, more so if there are children involved. Here are some helpful tips to protect yourself from money woes:
- Remove joint credit card accounts This is not saying that couples who are in the process of divorce will try to scam each other out, or try to wreck the finances of the other. But it's best to sever the joint accounts as well. You have to be fair about it, though. For instance, if the credit extended to your joint card account is based on your partner's credit, you have to do the honorable thing and ask the bank to remove your name out of the account. If the opposite is the case and it's based on your credit, ask the bank to remove your partner's name from the account.
- Identify liability and security assets For instance, if you availed of a car loan, make sure who's accountable for it. If the loan is financed to both your names, both of you are responsible for the payment. The same applies to mortgage.
- Refinance your house First, an agreement will have to be reached on who will get to keep the house or stay in it. If you manage to do this, then existing loans on the house should be replaced with a new loan, which will ideally be paid by the one who will keep the property.
Author: M Rhiane
Source: http://ezinearticles.com/
Added: September 6, 2008
For more practical advices regarding divorce:
http://How-To-Divorce-Tips.com
Source: http://ezinearticles.com/
Added: September 6, 2008
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