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Tuesday, July 26, 2011

BECOMING FINANCIALLY SOLVENT

Divorce has a way of wrecking a person's credit. While you are preparing for a divorce, you should get a copy of your credit score to see where you stand. If your credit is poor, you should start paying down your debt and cleaning up the bad marks on your credit file. Doing so while you're married can help you qualify to buy a house or car after you divorce. If you don't currently have a credit record, apply for a credit card in your name only. Establishing your credit while you're married is much easier than after you get a divorce.

It's important to not build any additional debt, as you will want to keep assets as liquid as possible. Likewise, don't allow your spouse to take out more debt, or convince you to refinance the marital home before filing for divorce. This just further entangles the finances and leaves both parties with larger liabilities after divorce.

It is also a good idea to open a checking account in your own name to safeguard your finances. This will allow you to pay expenses without having to worry about your spouse finding out or taking the money. You can use this account to build a reserve to cover emergency expenses, attorney fees, rent, deposits, utilities, etc. If you don't want your spouse to know about this account, have the statements sent to a PO box. This account will allow you some financial control until the divorce, but you need to remember that the money in the account is subject to division during the divorce.

For more information, contact the Family Law Offices of Renee M. Marcelle at (415) 456-4444, or online at http://www.familylawmarin.com/--

1 comment:

  1. Interesting insight to divorce and how it affects so many different variables. Great post.

    Liaise Divorce Solutions (divorce mediator)
    550 California Street San Francisco, CA 94104
    Phone: (415) 399-8824

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