Avoid Credit and Financial Mistakes While Divorcing

Avoid Credit and Financial Mistakes While DivorcingDivorce is not an easy process. However, your credit and finances don’t have to suffer while you are in the process of a divorce.  Included below are some helpful dos and don’ts of protecting your finances and credit through the divorce process:

Financial dos during Your Separation or Divorce Process

  1. Do hire an Attorney (In some cases, you may need to hire both a real estate attorney and divorce attorney, depending upon your real estate portfolio)
  2. Do close all your joint accounts, including credit cards prior to your divorce proceedings
  3. Do sell your properties that you jointly own
  4. Do include to settling and paying off your joint credit card accounts in your divorce decree
  5. Do change your will and insurance policy, which can be included in the divorce decree

Financial Don’ts During Your Separation or Divorce Process

  1. No representation equals no results or agreements
  2. Don’t hire an expensive attorney you cannot afford
  3. Don’t stay on title or jointly keep the mortgage which you are liable for the debt, as the borrower or co-borrower during and after the divorce. Here is an example: A past client divorced her second husband almost 15 years ago, he was on the mortgage and title. Shortly after the divorce, my client gave her ex-husband a lump sum that would relieve her from him obtaining any interest in the real property or proceeds if she sold the home. Her ex-husband denied ever receiving payment as the divorce decree stated, my client was sloppy of keeping her records and payoff, she also changed her bank which she did not keep any records of. After 15 years later, the ex-husband took my client back to court and forced my client to sell the home and take a partial amount of the proceeds which the divorce decree stated. In other words, my client’s ex-husband doubled dipped in the payments he received from my client because he knew my client was sloppy in keeping records and took advantage of the situation.
  4. Don’t foreclose on your property, hire a reputable real estate agent to price to sell your property
  5. Don’t file bankruptcy


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