So, according the Lloyd’s Bank, when it comes to your finances and divorce you would be wise to take these steps the moment you realize (and sometimes even before) that a divorce is on the horizon:
- Plan for your children’s post divorce life. What will their needs be? Which of you is better able to provide what and when? Issues such as education, health and extra curricular activities are vital and need to be planned for and anticipated.
- Mortgages. If you own a home or homes that are jointly held in both you and your spouse’s names, you both will have to decide what happens to the home and who will take over the mortgage if there is a mortgage. Because, according to the article, both parties are liable to pay even if only one party actually has possession. That presumably means that credit histories can be destroyed with bad planning and bad execution. So this is a very important issue to iron out in your Divorce financial checklist.
- Joint bank accounts can be an issue in a divorce not only because parties can unilaterally empty the account and transfer assets but also because any overdrafts or loans or liabilities incurred on these accounts are the joint responsibility of the owners of the account. So a part of the planning of the divorce and the doing of a divorce financial checklist must necessarily include how joint bank accounts will be administered.
For more, visit Lloyd’s bank here.
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