Friday, December 11, 2009
5 Steps to simplify the Financials in Divorce
By Shawn Chandok
They say you should always think carefully and evaluate every minor detail about who you marry. They also say that over 50% of all marriages end in a divorce. It comes to no surprise to hear that a large percentage of divorce cases are due to financial problems. Here are 5 simple steps to help make the financial breakup easier:
1. Get your credit report: Make sure you retrieve your credit report from all 3 companies (Experian, TransUnion and Equifax) prior to the trial so it defines your current loan balances.
2. Open an individual bank account prior to the trial because it is easier to get credit while you are still legally own joint assets.
3. Claim your personal assets: Make sure you walk out of the divorce with your personal assets that you came in with
4. Check your retirement: Make sure your future is safe. Contact social security and if possible opt in for COBRA temporarily.
5. Start Living Again: Assuming you survived the divorce with clothes on your back, start living life but learn from your mistakes. Don’t have a midlife crisis now that you’re single again and waste money on exuberant splurges, instead try to be sensible while enjoying simultaneously. Consider hiring a financial planner at least 3 months after the divorce in order to clean up any mess no your credit report.