When a couple has done everything they can to save their marriage but things just aren’t working, divorce may be the best solution. Unfortunately, more than half of all married couples will end up getting divorced. There are many issues that will come into play when filing for dissolution of marriage. Of these, divorce and money issues cannot be separated.
Regardless of how long a couple has been married, they have merged their lives in every way, especially where finances are concerned. When a couple files for divorce, attorneys will sit down and try to mediate negotiations. Money is one of the biggest causes of divorce and is often one of the most heated discussions that a splitting couple will take part in. Both parties need to do everything possible to protect themselves for the future.
Many things should be taken into consideration when the financial terms of the divorce are concerned. First is the division of assets. Depending on what state you live in, you may or may not have any say in who gets what. Some states mandate a 50/50 split of all marital property including savings, investments and bank accounts. If you are involved in a divorce that does not have state mandates, it’s best to try to think with a level head.
The anger and resentment you may be feeling will eventually dissipate. Think now about what is fair for both of you. You will want to make sure that you get the final balances from all of your bills so that they can be fairly divided. Get in touch with lending institutions that hold mortgages, car loans and any personal loans that you may have outstanding. The courts will also require that fair distribution is reached before they will finalize your divorce.
Make sure that you have called all credit card companies and banks that you have accounts with. Many times, one party will try to leave the other with more financial debt after the divorce has been declared final. This is a very sticky situation to be involved in and requires a lot of work to clear up. Protect your own best interests and make sure you’ve thought of everything.
It is wise to contact all utility companies and anyone you may have had a revolving line of credit with in the past. Even if you haven’t recently used those cards or accounts, make sure they are closed and that the company knows that you are no longer a married couple. To clear them selves from liabilities, sometimes at the request of the state, you may to post a public notice declaring your freedom from financial responsibility.
Deciding to divorce creates tough times and emotions are surely running high. Think rationally about the divorce and money factors you are confronted with and approach them with an eye towards fairness to both parties. The relationship will be over sooner with this in mind.