Bill_123 Posted July 27, 2012 Posted July 27, 2012 I am primary owner on our joint account. We are agreeing on everything in the divorce. When is the best time to close the joint account and credit card that we are both on? (I want to do it ASAP but I also don't want to split it, spouse blows their half, then they are once again entitled to half of what I have once the signed papers by the judge come in) - I'm just not sure how it works.
BetrayedH Posted July 27, 2012 Posted July 27, 2012 I am primary owner on our joint account. We are agreeing on everything in the divorce. When is the best time to close the joint account and credit card that we are both on? (I want to do it ASAP but I also don't want to split it, spouse blows their half, then they are once again entitled to half of what I have once the signed papers by the judge come in) - I'm just not sure how it works. Typically you would wait until after financial disclosure has happened on both sides. My state requires disclosure of the financial picture at the date of separation and acts as the baseline for negotiation on splitting the marital assets and liabilities. As of that date, they will see what marital assets she has in her possession (or her name) and what you have in yours and then split the total in half. If one has more than 50% of the total, they pay to the other to make it even. Then they do the same for the debts. In the meantime, my wife gets her paycheck and I get mine. We both pay the same amount toward marital debt each month. When we got a tax refund, we used the whole amount to pay down marital debt. Inwould think that if you are going to pay off a credit card that would be consider a joint liability, she should be contributing half the cash. Just my $.02. MI am definitely not an expert but this seems to be how it works in my state (Florida).
Author Bill_123 Posted July 27, 2012 Author Posted July 27, 2012 Typically you would wait until after financial disclosure has happened on both sides. My state requires disclosure of the financial picture at the date of separation and acts as the baseline for negotiation on splitting the marital assets and liabilities. As of that date, they will see what marital assets she has in her possession (or her name) and what you have in yours and then split the total in half. If one has more than 50% of the total, they pay to the other to make it even. Then they do the same for the debts. In the meantime, my wife gets her paycheck and I get mine. We both pay the same amount toward marital debt each month. When we got a tax refund, we used the whole amount to pay down marital debt. Inwould think that if you are going to pay off a credit card that would be consider a joint liability, she should be contributing half the cash. Just my $.02. MI am definitely not an expert but this seems to be how it works in my state (Florida). Is full disclosure required even if me and my spouse are having an amicable divorce, know exactly what we want and what we are taking, and just going into an attorney's office together to get the papers filed?
BetrayedH Posted July 27, 2012 Posted July 27, 2012 Is full disclosure required even if me and my spouse are having an amicable divorce, know exactly what we want and what we are taking, and just going into an attorney's office together to get the papers filed? I doubt it. In my state, you can have a marital settlement agreement and do a tremendous amount of filing on your own. Sounds like you need to determine the laws for your state so you two can manage as much of this own your own as possible. There's usually a state government agency that processes the paperwork and they can guide you. Sounds like you are very close to a completely amiable divorce (at least on division of assets and debts). Good for you. Keep going. Figure out what you both find fair, get it drawn up and you can probably otherwise keep attorneys out of it.
Art_Critic Posted July 27, 2012 Posted July 27, 2012 Bill.. it wouldn't hurt to have a divorce attorney retained to answer these types of questions for you even if you are doing a do it yourself divorce, that way you make sure that you are protected.
Ami1uwant Posted July 27, 2012 Posted July 27, 2012 Bill.. it wouldn't hurt to have a divorce attorney retained to answer these types of questions for you even if you are doing a do it yourself divorce, that way you make sure that you are protected. I agree with this...if you go into an attorneys office the issue is who's attorney is it. In some states you can have a single attorny basically operate as a mediator for an amicable divorce where there isnt that thing of whose side is this person protecting. For the financial stuff with the credit cards you needs to first set the ground work and get the attorney to establish the asset starting point. Dpending on the state you live in from the time the documents for divorce start you have 90 days to a year before a divorce can happen. Usually that first filing of the divorce documents establishes the assests and liabilities in the marriage.
g450 Posted July 29, 2012 Posted July 29, 2012 In my case my divorce was amicable so this doesnt really apply. The day after D-Day I got myself a new account. Banks wont typically let you keep the same account and just take one person off. I called her the next day and told her what I did and that she could take out her half. But I still had to keep the old account open with enough money for auto bill pay etc. She got all pissed at me and then proceeded to take out more than her fair share. And mind you she didnt have any bills yet, I was paying all our bills still. I love auto bill pay for all my bills but I recently got remarried and swore that I would not let this happen again. Told my new wife she would have to get her own account once she started working again. I will NEVER go through that headach again.
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