When you’re getting a divorce, you need to separate your finances. That can be difficult if you have many shared accounts. Fortunately, if you take it one item at a time, you can separate all your accounts so neither of you is liable for the other’s actions after the divorce.
Start by looking at your credit accounts. If you have the ability to pay off the accounts, now is the time. If not, consider taking out your own line of credit and having your spouse do the same. Transfer the balance, and you can start paying down the portion of the debt you owe without having to worry about the other person’s payments.
If you share a bank account, you should consider how you want to split that as well. Any assets should be part of your separation agreement. You should both close the account and open your own private banking accounts instead of sharing one.
If you have a home together, you should talk about how you plan to share the asset. One of you may decide to purchase the home from the other, or you may decide to sell the home and share the profits. If you are both on the mortgage, you should consider refinancing it if only one of you will take over the home loan.
There are many assets you need to split when you’re getting a divorce. Whether it’s artwork or a home, take the time to place a value on the asset, so you can focus on moving forward with your divorce.
Source: AJC.com, “How to Untangle Your Finances in a Divorce,” Bev O’Shea, June 23, 2017
