Are you preparing yourself for the divorce process? Are you wondering everything that goes into a divorce? Before you file for divorce, there are many things that you'll need to consider and discuss with your soon-to-be ex. Although many of these conversations may lead to disagreements or even conflict, they are critical to discuss and come up with a plan. When you work with our family law practice in Altamonte Springs, we will work with you and your spouse to mediate many of these discussions and provide legal counsel to make the best choices for your situation. There are a few financial considerations you'll want to take into account when you file for divorce.
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.
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.
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 some of the financial considerations that you'll want to take into account when you file for divorce. Financial considerations are some of the toughest conversations to have when you file for divorce, but you'll want to do what's best for your future. If you are struggling to make the right choices, or to understand what the right choices are, you'll want to trust the professionals at our family law practice in Altamonte Springs. Contact us to hear how we can help you through your divorce process today.