Your Property In A Divorce Continued.
Yesterday we talked a bit about the information for your lawyer, and how to separate and keep your property in a divorce, so today is just a continuation of your property and how to go about it when the property is split.
We do not want to give up what we have worked hard for but in a divorce, there is going to be a split of property, and at most times, unless couples are at a certain agreement or prenup in the divorce, there is going to a 50/50 split on things course. It is nice although, when both parties can get along in a divorce, you do not always see it but it does happen, and understand what the other person in their life at the time really enjoyed or wanted. Most the time both parties are in a fight in the divorce, over everything and who gets what, so then your asking how do we divide it all in the divorce, and who gets what. There are several things that get split.
1. Do you have stocks or joint bank accounts, that are going to be split in the divorce?
2. The property, the house, some couples split things, but most the time property is put up for sale, and then split 50/50 unless you can work with your spouse on that in the divorce?
3. How will taxes be done after the divorce is final?
4. Will there be alimony?
5. Also if you’re moving and now have new payments such as rents, what debts will you be able to afford, the divorce courts do look at that.
6. Who makes the higher amount of money work wise, to afford the debt in the divorce?
This has to be the worst time, splitting all the property in a divorce, but you will need to look around and ask yourself certain questions and also see what debt you can take on, of course if there is joint account, there is a 50/50 split on those no matter what, each party has to take half of what is going on in the joint bank account in the divorce. It is important though to pay attention to all money amounts that are going on, and even give a print out to your divorce lawyer, and also before you sign anything make sure you understand all the debt you might be paying in the divorce, and make sure you are getting your half. With property and mortgages, the companies will have to do a complete refinance before any party is removed, so if you get that in a divorce, and we have discussed follow through with everything. If one or the other in the divorce is taking on the mortgage and the payments make sure you get what they call a hold harmless clause in your divorce order….so what is that? It says that any damage done to your credit rating if your ex does not pay the mortgage, which was agreed upon in the divorce, says that you are not responsible for any of it. Another reason, for finding a great divorce lawyer, they will know about this. Then there is always the possibility of bankruptcy after a divorce and also during, we have discussed that several times on divorce and bankruptcy, and what is the smartest route to go.