Spring Cleaning and Your Glen Burnie Divorce
When it comes to spring cleaning, you probably think about getting all of the junk out of your closet or cleaning behind the fridge. One important kind of spring cleaning you may not think of, however, has to do with your financial documents. If youre planning on getting a Glen Burnie divorce this year, going through your financial documents is essential.
All too often people who are married become lax about these types of documents. Some spouses assume the other will take care of everything, or they simply dont think about it or care. Now that you are getting divorced, however, its time to become organized and the person who is in control of these matters.
Check Your Credit
Credit may be something you never thought about when you were married. You may have done everything that had to do with finances, such as buying a home or leasing a car, together, which means you didnt really pay attention to your score.
Now that you are single, however, paying attention to your credit is extremely important. Now that you are on your own, you will likely need to put everything in your name, such as your home or cell phone. In order to get these things, youll need to have decent credit.
Now is the time to request a copy of your credit report. With the report, youll have access to your credit score and can examine all of the accounts that are in your name. You can also address any discrepancies you may find on the report.
Youll also want to do your best to keep your credit score as high as you can, as doing so will help you obtain the loans you need to get the items you want.
Get Your Documents in Order
If you plan on filing for divorce soon, youll want to get your financial documents in order as soon as possible. Obtaining them now before you live in a different location is much easier than trying to find them after a move.
Some of the more important documents youll need include:
Income Tax Returns
Personal Property Tax Returns
Income Information
Banking Information
Brokerage statements
Stocks, bonds and mutual fund information
Life Insurance
General Insurance
Wills and trust agreements
Having these documents ready and at your disposal will make this aspect of your divorce much easier when you decide to begin the process.
Open Bank Accounts and Credit Cards in Your Name
Its never too early to open up your own bank account you dont have to wait until you are divorced or even separated to complete this action. Open up a savings and checking account at a different bank than where you have a joint account with your spouse now. Start putting some money in there now, too, so that you are better prepared when you end the marriage.
You should also open a few credit cards in your name, as well. Not only does having a couple accounts open in your name help to establish your credit, but they are also good to have in emergency situations. Do this well ahead of time, as credit cards often take some time to obtain.
Although changes have been made to the Credit Card Accountability Responsibility and Disclosure Act of 2009 to allow non-working spouses to apply for credit in their own names based on shared income, it can still be difficult to get approved if the income isnt actually yours. Get started on this as soon as possible.
Know Your Tax Status
Your taxes may be taken care of for 2013, but when you file for 2014, youll likely have many changes. If your divorce is finalized this year, your tax situation will be much different this year than it was last year. You may have to list child support payments and alimony on next years tax returns, which can become extremely confusing. Enlist the help of a certified divorce financial planner to make this transition much easier.
With the help of a planner, you may be able to find out how tax laws can affect your divorce settlement, and negotiate accordingly, to potentially save you money in the long run.
Hire a Lawyer
An attorney is there to fight for you and help you get through this difficult situation as best as possible. You will always have someone on your side who is willing to go to bat for you when things get rough.
A Glen Burnie divorce lawyer can provide you with advice and assistance through every step of your divorce.
Contact the law offices of Jimeno and Gray to find out how we may be able to help you. Request your free copy of the book What Your Spouse Doesnt Want You to Know: The Ultimate Guide to Divorce in Maryland, written by attorney Frank C. Gray, Jr., when you call.’