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Avoid financial pitfalls of divorce, part 2

Last week, we left you with a couple of tips on how to protect your money and credit report during or after a split. There is more to a divorce than the family and emotional aspect. It's crucial for you to think about the immediate and future financial implications that are to come.

The last post went over two of Fox Business' divorce tips. First, you were warned that, sometimes, a fight to the death in a divorce isn't worth the money you are fighting for. Whether you measure the fight's worth in dollars or stress, it's wise to consider compromise at times. The second important tip was to get out of any joint accounts you have with a former spouse.

Today, there are two more tips for you:

First things first

Know what you are fighting for when you are confirming the details of your divorce agreement. What does that mean? In order for you to ask for or agree on a specific amount of spousal support and your share of marital assets, you need to know how much money you need to support the future life you want. Not only should you work with a family law attorney through this process, but it is smart to sit down with a financial planner in order to thoroughly discuss your monetary needs.

Your divorce agreement is limited in its power

Sure, whatever agreement you and your ex come to during the divorce process means a lot to the both of you and your families. Sources, however, warn that what is a powerful, binding agreement to you and your family means very little to creditors. If the agreement states that your ex is supposed to pay off your credit card debt but he or she fails to do so, the credit card company will still target you. They are not expected to act according to your divorce settlement, so it can help to contact the creditors to discuss how to disassociate yourself with an account that your ex will be responsible for.

If you have any questions or advice about divorce and money mistakes or success, feel free to post them here.

Source

Fox Business: "6 Financial Mistakes to Avoid in Divorce," Teresa Bitler, 21 Mar. 2011

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