Getting a Divorce? 4 Financial Issues to Address Sooner Rather Than Later
Wednesday, April 3, 2019, 6:00 AM | Leave Comment
If you’re considering filing for a divorce, you’ll want to start thinking of ways to protect your finances.
By planning ahead, you won’t have to worry about as many financial losses and will have a better chance of walking away from your marriage without it turning into a costly endeavor.
These four financial issues should be addressed sooner rather than later if you plan to get a divorce.
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Credit Card Debt
Any credit cards held jointly by you and your spouse could end up costing you a lot of money after your marriage ends, if the debts aren’t satisfied beforehand. If your spouse charges a lot of money to a card, you may be held responsible for satisfying the debt even after the divorce if he or she defaults on payments. You and your ex-to-be should try to divide up the debt on any credit cards that are in both names so that everything can be paid off easier before your divorce is finalized.
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Child Support
Whether one parent is granted sole custody of the children, or you’re granted joint custody, you and your ex-spouse will be responsible for supporting each child financially. You’ll want to know the specific child-support laws in your locality to inform yourself of your rights and responsibilities as a parent. In addition to contributing money for food, clothing, and other basic needs, you may need to pay for part of your children’s education if they attend private school or college and are still under the age of 18. Any childcare expenses should also be taken into consideration.
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Taxes
Depending on where you live, you may only be allowed to continue filing a joint tax return if you and your spouse are still married at the end of the tax year. Both of you must also agree to file jointly, so it’s important to get your spouse’s approval before submitting forms to the tax bureau. It’s a good idea to work out an official agreement with your spouse that will make it easier for you to deal with any tax-liability issues or refunds after your divorce. A tax attorney can advise you further on how to best go about filing your taxes throughout the divorce process.
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Real Estate
Mortgages, liens, and transfer of property are just a few of the real estate matters that you’ll need to consider when going through a divorce. Depending on where you live and the local laws, your spouse could still be entitled to ownership of any real estate that you own even if you bought the property solely. A property settlement lawyer can offer you legal guidance and help you work out any real estate disputes.
Your divorce can be a less financially draining process if you plan accordingly and take care of many of the money matters in advance. Addressing the important financial issues early on can help you settle things with your ex faster so that you’ll be able to move on with your life.
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