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 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. Don’t hire a mediator
  2. Don’t hire an expensive attorney you cannot afford
  3. Don’t stay on title or keep the mortgage which you are liable for the debt, as the borrower or co-borrower during and after the divorce
  4. Don’t expect to keep your current lifestyle
  5. Don’t foreclose on your property, hire a reputable real estate agent to price to sell your property
  6. Don’t file bankruptcy

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