If you need to keep a particular service active and both names must remain on the account, it’s a good idea to draw up a contract that outlines who is responsible for what.
Divorces are designed to end a marriage between two parties, and also establish asset division, child custody, and alimony. In Massachusetts, courts follow equitable distribution rules, which means it divides property fairly, not equally (50/50). This means any property a couple acquired while married along with debts will be divided, but not necessarily cut in half.
Now, while the court will help with establishing who gets what in a divorce, it won’t exactly help you separate your finances. In order to completely separate your financial affairs from your ex-spouse, you’ll need to follow a few steps, some of which we’ve outlined down below.
Want to separate your finances after divorce? Here’s what you can do.
- Cancel joint credit cards.
Image credit Sajjad Hussain M on Wunderstock (license).
If you have any credits that both you and your spouse are listed as authorized users/account holders, you’ll want to either cancel them or find out how you can remove his/her name. Although closing a credit card is likely to negatively impact your credit score, you don’t want them to continue racking up debt, which will harm you in the long run.
- Sell your home.
If the court ruled that you must divide the value of your home in half or by a smaller percentage, you can sell it and collect your share. This way, your name is no longer tied to the home and any matters involving it don’t include you. Now, if the home has been in your family for some time or you would like to continue living in it, you can ask that your ex-spouse buy out their share.
- Establish who will be responsible for joint bills.
Similar to credit cards, you and your spouse may have signed on together for things like internet and cell phone service, an alarm system, health insurance, utilities, etc. but are now living apart. Because both of your names are listed on these accounts, you both are still liable for any bills, that is, unless you establish who will pay for what.
If you need to keep a particular service active and both names must remain on the account, it’s a good idea to draw up a contract that outlines who is responsible for what.
Need help filing for divorce in Boston?
Although it can be difficult to be the one to file for divorce, the sooner you start it the sooner it can be finalized. So, if you have questions regarding asset division or how to file, divorce lawyers will be more than happy to address these.
If you don’t want to waste time scouring the internet for Boston divorce lawyers, USAttorneys.com would be happy to connect you with experienced Massachusetts divorce lawyers in your area. The divorce lawyers we pair you with aim to help you understand the process and make it easier for you and your family.
If you’d like to speak with an attorney or even child custody lawyers (if you have minor children involved), USAttorneys will help you get an initial consultation set up right away.
Have questions about this article or a legal concern? Call 800-672-3103.
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