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Divorce and Your Money - #1 Divorce Podcast

Visit us at www.DivorceAndYourMoney.com Divorce and Your Money is your guide to avoiding costly mistakes during divorce. Shawn Leamon, Certified Divorce Financial Analyst and MBA, wants to help you learn the fundamentals of how to get a divorce. Whether you are looking for an uncontested divorce, a do it yourself divorce, or an online divorce, resources are available to offer guidance. Through his divorce podcast and divorce blog, Shawn offers his professional opinion on the best ways to handle the end of your marriage. He covers topics including how to file for divorce, divorcing a narcissist, and finding the best divorce attorney. Even tricky subjects such as a “what is a QDRO?” and “is alimony taxable?” are tackled through these venues. If you need to know what the first steps are or what you should do to head to trial during litigation, you can find resources to give you a step-by-step guide to what comes next. Think of his advice as an alternative to divorce support groups where you can find exactly what you need when you need it. He offers one-on-one divorce coaching to give you a solid grasp on the decisions that are bound to affect your financial future. Before you have a divorce decree in hand, you will likely go through some type of divorce mediation. For any spouse saying, “I want a divorce,” you need to make sure that you are getting the financial future you are entitled to. Do not allow yourself to be blinded by the emotional, legal, and financial burden that divorce can become. Instead, take control of your situation with sage wisdom to help all individuals make better financial decisions for their independent future. If you find yourself asking “where are the best divorce lawyers near me?”, Shawn can help you to recognize the best of the best. Whether you need a divorce in Texas, a divorce in Florida, or a divorce in New York, you will have all the knowledge you need to find the best team of professionals to assist you. You can start from a place of being legally separated or once you have already started to file for divorce using free divorce papers or an attorney. No matter where you or your marriage may be in the process, Shawn Leamon has professional advice to offer your unique situation. A simple no fault divorce or a high-stakes power struggle are all areas he has vast experience with during his work outside of Divorce and Your Money. Let his advice be a guide to help you get all that you need for a secure financial future in your divorce records. It will not make a difference whether you are getting a divorce in Ohio or a divorce in California if you are following the basic principles set out through Divorce and Your Money’s divorce blog, divorce podcast, and divorce coaching.
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Apr 17, 2017

This article was republished by Investopedia here.

Whether you believe your divorce will be relatively amicable or long and painful, one of the most important things you and your spouse can do is separate your finances during the process.

By taking care of the financial aspect of your failing marriage, you will give yourselves the freedom and flexibility to begin moving on with your lives. Fiscal responsibility is important, and you will want to ensure that your name is only attached to the debt and accounts that you are personally responsible for. 

Here are the first three essential steps you should take to begin separating your finances during your divorce:

1. Contact Lenders to Remove Spouse’s Name from Outstanding Loans

You should begin by separating your accumulated debt. Perhaps your divorce decree is final, or you have already been able to amicably divide your debt. If so, you need to find out the necessary next steps for removing your spouse from the loans. In some cases, it may mean refinancing items or taking out an entirely new loan.

Without removing your spouse’s name from outstanding loans, you will not be able to remove your spouse from your credit report. Having your spouse’s name on your credit report does not necessarily affect your credit. However, the waters can be muddied if your spouse does not follow through on making payments. In these instances, your credit can plummet rather quickly.

2. Quickly Take Care of Credit Card Debt

If you know that you are assuming responsibility for a certain amount of credit card debt, you have a couple of options: pay it off or transfer the balance to a new card. If paying off your accumulated debt is not a possibility, you can open up a new card in your own name. By transferring the balance from your joint account into a new individual account, you can cancel joint credit cards.

To avoid having your soon-to-be ex rack up additional debt on credit cards they still have access to, you will want to take care it quickly. Also, then you will not be left in limbo about who is responsible for paying the bill each month.

3. Remove Yourself from Joint Bank Accounts

Removing your name or your spouse’s name from joint bank accounts can be tricky if your spouse will not agree to have their name removed. Perhaps they refuse to give consent to drop their name from the account, or to split your singular account into two separate ones. If so, you can find a workaround. You may want to open an individual account and transfer the money into your own name.

Remember that even if you claim that money as your own, your spouse may still have rights to it.

Separating your finances during your divorce is necessary for keeping your credit and other aspects of your financial health from plummeting. Fortunately, doing so does not have to be time consuming or cumbersome. You can create individual accounts and remove your spouse from joint accounts with relative ease. Then you can begin to move on with your life. 

Find this information helpful? Share it!

Shawn Leamon, MBA, CDFA is author of Divorce and Your Money: The No-Nonsense Guide and host of the Divorce and Your Money Show on iTunes. Learn more at  www.divorceandyourmoney.com.

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