How to Approach Your Financial Concerns During Divorce

Are you concerned with what will happen to your financial situation when you get divorced?  Whether you live in an one- or two-income household, your financial situation is a big conversation to have when you are going through a debate.  Much of the legal process during a divorce will actually discuss division of assets in Orlando, including finances.  When you are going through a divorce, you'll want to be sure to stay sane by having these honest discussions about your financial situation after your split.

Discuss Your Credit Card Debt

Many of the purchases that you've made on your credit cards were likely joint purchases for the household or for your lifestyle.  This typically means that you will share the debt and the purchases that you've made.  Discussing how you will divide the debt and solve this issue is a conversation that you need to have when you go through a divorce.  You'll also want to be sure to cancel any joint cards or remove your spouse as an authorized user on any credit cards that you will keep open for your future.

Decide Who Gets the House and Mortgage

Unless you are selling your shared home before you get divorced, you will want to discuss the mortgage payment.  If you are moving out of your house and your spouse is remaining there, you will want to remove yourself from the mortgage obligations.  This will clear your name from the payments, but it doesn't necessarily mean that you are free and clear of any payments.  This is a discussion that you'll want to have with your lawyers so that you can come up with an agreement that works for each of your financial situations.

Separate Your Wills

Do you have a joint will with your spouse?  When you file for divorce, you will want to be sure that you remove yourself from your spouse's will and create an independent will for yourself.  This will provide you with the chance to make all of your own decisions regarding anything that would happen to your money, property, and other investments after your death.  Although you may still choose to keep your spouse in your will, you will want to be sure to have your own, independent will that suits your future life.

These are three important ways to stay sane and informed about your financial situation and how it will be affected by your divorce.  Anytime you are going through a divorce, you'll want to trust a qualified and experienced attorney to discuss the division of assets in Orlando.  These professionals will guide you through this process to ensure that all of the details are dealt with before your divorce is finalized.  Contact us to schedule a consultation with our attorneys today.