3 Money Questions
Divorce is the process of getting you ‘unmarried’. And, your lawyer will guide you, counsel you and direct you through the legal process. But, there are some areas of your marriage and your divorce that you have to get the answers to yourself so that you know the information and you can tell your lawyer what you want to do. There are just some parts of divorce that you have to make the decision about to go forward.
There are multiple parts to the tax question: 1) did you file taxes last year? 2) how do you want to file taxes this year? and 3) how will your taxes be affected by the property that you are dividing with your spouse? These are some of the reasons that family lawyers routinely advise their clients to seek out advice from a tax professional. The answers to these questions aren’t ones your lawyer will give you. The answers to these questions are specific to you.
What is your budget now and what will your budget be in the future? You need to know the answers to these questions so that when you get to the place in your divorce that you ask yourself if you are going to take what has been offered or you are going to make an offer you know whether or not the money will work. Can you make the dollars work each month? If you are in the house can you still do what you want to do in addition to the house?
Debts and Credit?
What debts do you have in your name? Debts accumulate in a marriage – there is the mortgage, vehicle loans or leases, credit cards, lines of credit. You need to know which particular debt is in your name because married couples often use credit cards that are in each other’s names or you might be using a card that you and are an authorized user only. Sometimes monthly expenses for the couple or family are run on one card and paid off each month and other cards are used for large purchases only. You need to know which cards and therefore which debts are in your name. The financial institution is going to look to you for payment of the debt on any card or debt in your name.
Find out the answers to these divorce money questions to help you in your divorce.