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  • Financial Advice to Consider Prior to Filing for Divorce (Part 2)

    Some of the things couples can do to get their finances organized before filing for divorce include closing joint accounts and opening up accounts in their name only.

    Some of the things couples can do to get their finances organized before filing for divorce include closing joint accounts and opening up accounts in their name only.

    Continuing from Financial Advice to Consider Prior to Filing for Divorce (Part 1), here are some additional financial matters that will be essential for couples to deal with before they official file for divorce. By taking these steps, each individual involved in the divorce can save themselves thousands of dollars in attorneys’ fees while also avoiding some of the emotional stresses that are generally associated with divorce.

    • Get accounts that are in your name only – While this will involve closing all joint accounts possible, it will also require you to open up new accounts that are only in your name. Some of the important accounts that this process will involve include bank accounts, credit card accounts, etc. By closing all possible joint accounts prior to filing for divorce, you can protect yourself from the possible situation of having your soon-to-be-ex-partner drain your bank account and/or run up charges on credit cards if the divorce proceedings start to become contentious.
    • Figure out how the marital debt will be paid off – Any debt that you and your spouse acquired while married will have to still be paid off, and creditors can go after both you and your partner for such debt even after you are divorced. If possible, try to work out a payment plan with your partner that will get this shared debt paid off as quickly as possible. It will also be important to close accounts on which there is shared debt so that your partner will not be able to add additional charges/accrue more debt that you will still be legally responsible for.

    Colorado Bankruptcy Lawyers

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

    
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