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    Splitting Finances in Divorce

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    Divorce Mistakes Network
    When you get divorced you'll need to focus on your divorce finances and split both assets and debts. This may be the case in non- community property states as well, but you should discuss this with your attorney.

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    Splitting Finances in Divorce

    Uploaded by

    Divorce Mistakes Network
    87 views2 pages
    When you get divorced you'll need to focus on your divorce finances and split both assets and debts. This may be the case in non- community property states as well, but you should discuss this with your attorney.

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    © © All Rights Reserved

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    When you get divorced you'll need to focus on your divorce finances and split both assets and debts. This may be the case in non- community property states as well, but you should discuss this with your attorney.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    87 views2 pages

    Splitting Finances in Divorce

    Uploaded by

    Divorce Mistakes Network
    When you get divorced you'll need to focus on your divorce finances and split both assets and debts. This may be the case in non- community property states as well, but you should discuss this with your attorney.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Splitting Finances in Divorce:

    How to Divide Your Money

    Financially, a divorce can be complicated. Between the laws of the state,


    beneficiaries and the division of assets, splitting finances in divorce can become
    very complex. If you need to split your finances, follow these steps to get your
    assets back.

    Depending on your state of residence, the law that governs how assets are
    divided can be separate ownership or community property.

    Find a copy of your credit report to see all the loans and credit cards associated
    with you and your spouse. It will be wise if you close any joint lines of credit.

    Close joint bank accounts, and open your own if you don't already have one.

    You will also need to split assets into retirement and investment accounts.
    Retirement accounts have specific rules that dictate how to do this.

    If you and your partner own a property, you will have to decide who gets to get it
    or sell it and share the proceeds. If you got the property and there is a mortgage
    on it, that still needs to be paid off, you'll need to refinance it to be in your name
    alone.

    Your major consideration should be how property ownership in marriage is


    viewed by your state. Depending on the state in which you live, the law that
    governs how assets are divided can be joint ownership or separate ownership.

    Joint ownership includes all property acquired during the course of the marriage.
    In other words, both spouses own marital assets equally, such as acquired
    property, earned income, and debts accumulated during the marriage.
    Separate ownership allows one of the spouses to control their original assets. If
    you owned real estate before your marriage or purchased assets with an
    inheritance, for instance, you will retain ownership of them.

    Most couples have a minimum of one joint bank account, and managing it should
    be your priority when splitting assets in the event of a divorce. Begin by creating a
    complete list of all your accounts. For now, don't worry if it's a shared property.
    You need to create a record for each existing bank account, then you can proceed
    to split joint accounts.

    When you complete your list, write down the joint accounts you both own.
    Visiting the bank together to close accounts is a good solution if you and your
    spouse are still friends. It might seem weird, but it's really the fastest way to close
    the joint accounts.

    If you don't get along well with your spouse to visit the bank together, you
    probably won't be able to close the account until both of you come to a divorce
    agreement.

    In the meantime, if you don't already have one, you'll want to open a new bank
    account just for yourself.

    If you are not certain how many cards your spouse has? Maybe even forgot some
    of yours? Getting a copy of your credit report will help you identify all the loans
    and credit cards associated with both spouses. Examine the accounts to
    determine if you are an authorized user or a co-owner.

    Whether you are getting a divorce, married, or single, bear in mind that having a
    separate credit history is of utmost importance. If you don't already have one,
    now is the time to apply for a credit card in your name alone.

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