Taking Control of Your Finances After Divorce

Some spouses think that they are doing their ex-partner a great favour by continuing to manage the finances, or by paying a mortgage or debts. Some spouses allow this to happen. This is not the way it works. You are separating. Your spouse no longer pays your bills. Instead, if there is support to be paid, then a check will be paid to you each month and YOU will pay your own mortgage, your own bills and handle your own finances.

When it comes to dividing your financial lives, remember that a clean break is the best option. The house is going to be sold, either to you, to your spouse or to a third party and only one person will remain on title. Joint accounts and joint credit (credit cards, lines of credit, personal or business loans) must be closed, and you’ll have to get busy re-establishing your personal financial identity.

Don’t assume that just because your divorce papers say you’re no longer responsible for a debt, that you’re off the hook with creditors. If your name is on the debt… YOU ARE responsible. If your Ex goes bankrupt while you’re still signed on the debt, you’re going to end up in court, or worse, having to pay off the debt yourself.

Divorcing means that you are becoming a single financial entity again. This is overwhelming for most people. But you can and will persevere through this, and you will take control of your finances.

 

Are You (or Someone You Know) Facing Divorce?

Our Client Care Representative will assess your situation over the phone. This free consultation is designed to identify complexities, clarify misinformation, help you get your head wrapped around the next steps and recommend a mediation solution that best fits your needs.