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Posts Tagged credit and divorce

Financial Planning For and During a Divorce

What are the legal fees of divorce?A divorce brings about many changes in a person’s life. One of the most significant changes is the financial impact of a divorce. Spouses go from having a combined household with (usually) two separate incomes, to living apart, and supporting themselves on their own. If you are contemplating a divorce, or have already filed for divorce, there are different actions you can take to plan for your own financial future after a divorce.

 

Create a Budget:

Review your household expenses to see what your weekly/monthly expenses come out to. In addition to including the usual expenses (i.e. mortgage/rent, utilities, heat, cable TV, telephone, groceries, clothing, etc.), don’t forget to include other typical expenses, such as uninsured medical expenses, motor vehicle expenses, child care, vacation and entertainment, education costs for yourself and your children.

Once you have your budget, look at what your income is, and what it is likely to be at the end of the divorce. Don’t forget to factor in any alimony and/or child support that you may be paying or … Read More »



Financial Planning For and During a Divorce

financial planning divorce

A divorce brings about many changes in a person’s life. One of the most significant changes is the financial impact of a divorce. Spouses go from having a combined household with (usually) two separate incomes, to living apart, and supporting themselves on their own. If you are contemplating a divorce, or have already filed for divorce, there are different actions you can take to plan for your own financial future after a divorce.

 

Create a Budget:

Review your household expenses to see what your weekly/monthly expenses come out to. In addition to including the usual expenses (i.e. mortgage/rent, utilities, heat, cable TV, telephone, groceries, clothing, etc.), don’t forget to include other typical expenses, such as uninsured medical expenses, motor vehicle expenses, child care, vacation and entertainment, education costs for yourself and your children.

Once you have your budget, look at what your income is, and what it is likely to be at the end of the divorce. Don’t forget to factor in any alimony and/or child support that you may be paying or receiving.

Based upon … Read More »



Protecting Your Credit in a Divorce

It is not uncommon for married couples to have joint accounts, including joint credit cards. However, once married couples are involved in a divorce, they must decide how to apportion the credit card debt. At that time, each spouse should be looking to protect their credit as much as possible.

In Massachusetts, each spouse’s credit is effectively protected during the divorce through the automatic financial restraining order that is put into place at the beginning of the divorce through Supplemental Probate and Family Court Rule 411. That rule states:

The following restraining order shall remain in effect during the pendency of the action, unless it is modified by agreement of the parties or by further order of the court.

(1) Neither party shall sell, transfer, encumber, conceal, assign, remove or in any way dispose of any property, real or personal, belonging to or acquired by, either party, except: (a) as required for reasonable expenses of living; (b) in the ordinary and usual course of business; (c) in the ordinary and usual course of investing; (d) for payment of reasonable attorney’s fees and costs in connection with the action; (e) written agreement of … Read More »



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