Divorces often become complicated when dealing with the financial aspect of it. Common questions include, “Who gets what?”, “Who pays for what?”, and “Who pays off payments or debts?”. These questions, along with the many others, are all very important when filing for divorce. Often times, these issues are brought to court where lawyers and judges help decide who is responsible for each bill. Our divorce lawyer in Huntington can help you, and your spouse makes those important decisions.
First Stage of Divorce
During the first stages of divorce, couples should remain at the status quo for their finances until the divorce is finalized. Doing this eliminates confusion when making new and existing payments. However, during this time, couples should start opening up a new bank account in their own name to start the financial divorce process.
Who is Responsible for the Payments?
Legally, the person responsible for the payments is whoever’s name’s on the bill each month. However, if there is a joint bill where both of the spouse’s names are present, each party is responsible for their payment or debt. Couples need to be upfront and communicate with which bills need to be paid in order to avoid late payments or debt. Our divorce lawyers in Huntington can help you determine who is responsible for each payment.
The Do’s and Don’ts of Paying Bills in a Divorce
What to Do
- Consult a lawyer- Our divorce lawyer in Huntington will help with the important issues in a divorce, like dissolve mortgages, car payments, and rental agreements.
- Determine common bills- Joint accounts could pay common utility bills.
- Define shared assets- This includes vehicles, households, securities, and pets.
What Not to Do
- Increase debt- Increasing debt will only make the divorce more complicated. Limit spending.
- Close or freeze credit cards- Make sure the credit cards are still in your name and you do not have any outstanding payments.
- Cut ties completely with your spouse- It is important to still have communication with your spouse regarding financial situations.
When it comes to expenses in divorces, couples need proper guidance. For a free consultation, contact our divorce lawyers in Huntington. They will provide you with the necessary steps in order to ensure your finances are paid and protected during a divorce. Simonetti & Associates will diligently solve family law disputes and assure that you will have a stress-free divorce process.