As a continuation of Organizing Your Finances Before Divorce Can Save You Money (Part 1), here is some additional information regarding what soon-to-be divorcing parties can do in order to get their financial affairs in order so that they can save themselves money and potential headaches in the future.
- Close joint accounts if possible – Soon-to-be ex-partners should immediately close any shared accounts, including checking and savings accounts and/or credit card accounts, if possible. At the same time, each party should open up other financial accounts that are in their name only. If some accounts, like a credit card account, cannot be closed because the couple still owes a balance on it, the couple should try to figure out who will take responsibility for paying off this debt; however, if the couple cannot come to an agreement on this matter, divorce courts can step in to help decide which party should be responsible for the debt.
It’s important to point out, however, that just because a divorce court assigns one party to pay off a debt does not legally get the other party off the hook for that debt. In other words, if one party stops paying on the debt in question, a creditor can still legally go after the other party whose name appears on the line of credit unless that individual takes the necessary legal steps to remove him or herself from that legal responsibility.
- Get all marital assets appraised prior to filing – Assets such as the marital home, cars, boats, property, jewelry, etc. can all be appraised prior to filing for divorce. Knowing the value of shared marital assets before filing can eliminate some of a divorce attorney’s “discovery work,” which can save thousands of dollars in attorneys’ fees while also helping to resolve the divorce proceedings much more efficiently.
If you are planning to file for divorce and need some assistance getting your financial matters in order, contact the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C. Our experienced legal professionals are committed to providing each of our Clients with the financial assistance they need, and we will work tirelessly to ensure that our Clients’ cases are resolved as favorably and efficiently as possible. For a thorough assessment of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950.