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Financial preparation for a divorce

Preparation for a divorce in North Carolina follows many of the same guidelines as it would in the rest of the states. Strict attention to monetary matters before the process begins can be extremely beneficial to everyone concerned. However, it is never too late to correct course and begin handling financial affairs more wisely.

The first thing to consider, when planning for post-divorce life, is the urgency of the need for money. If a departing spouse requires substantial liquid funds to begin their single life, then it is best for them to concentrate on easily salable marital assets during the property distribution phase. Mutual funds, stocks and bonds can all be more useful to the ex-spouse with the more immediate financial needs.

It is also crucial to consider joint liabilities. Although a divorce settlement may be reached to the satisfaction of both ex-spouses, there is no guarantee that the debtholder will consent. Mortgages and credit card debt, in addition to other types of liability, may still be the shared responsibility of both parties unless proper actions are taken. Mortgages should be refinanced if possible. Credit cards and checking accounts that were the property of both spouses should be cancelled and any other debts should be paid before the finalization of the divorce. If some debts cannot be paid in time, then it is important to secure proof that one party or the other took responsibility for the liability.

While the division of property is often a contentious part of a divorce, it can in some cases be accomplished in an ultimately amicable fashion through a property division agreement entered into by both parties with the assistance of their respective attorneys. This will serve to take the decision out of the hands of the court.

Source: Forbes, "6 Money Matters Divorcing Spouses Often Overlook", Leslie Thompson, August 19, 2014

Source: Forbes, "6 Money Matters Divorcing Spouses Often Overlook", Leslie Thompson, August 19, 2014

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