Settling the Bills After Divorce
May 21st, 2009
When a divorce is granted, it doesn’t mean just the dissolution of marital ties with a partner, but also of the other aspects such as emotional, physical, and financial reliance on each other. You may have reverted back to single status, but if you have kids, have been unemployed for some time, and have no credit to your name, it’s going to be a bit different than the first time you gained independence form your parents. So what would your finances be after the divorce? Here’s a short rundown of things you have to take care of to make sure you are financially stable.
Separating yours and your ex’s bills
Once the divorce is final, you have to have time to sit down and look at your finances. You can start by poring through the bills that were jointly charged to you and your ex-spouse. Utilities such as electricity, water, telephone, cable TV, car insurance, and even the mortgage on your house should be scrutinized to put what bills into someone’s name.
Finding ways to support yourself
A divorce or separation usually leaves one or both partners financially exhausted after the legal fees have been paid and alimonies have been settled. For those who have been unemployed for some time during the marriage or who doesn’t have any substantial earnings, it may be hard to look for a sufficiently paying job to support one’s self and the children if he or
she has custody. Establish a credit line so that banks and utility companies will have trust in you, but make sure you have enough resources in order to afford paying for the bills, as well as trying to live within your own means.
Discussing alimony and child support can help
Alimony is the amount to be paid to the other party if he or she has no means of financial support. There are three kinds of alimony, one that is provided for the recipient for the rest of his or her life or until he or she remarries, one that covers only a specific time frame, and the last one is to help the recipient achieve financial stability until a certain time. If child custody is awarded to the party receiving alimony, child support fees may also be added. Child support is separate from alimony.
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After the Divorce: Who pays the Bills?
May 21st, 2009
For some, getting a divorce is like starting all over again. However, instead of just finding out how to pay for the bills, the question of who and what bills to pay and to not pay now crop up. Legally, there are ways in which both parties can or should be compensated after the divorce based on grounds such as which party is employed, who will have custody of the kids, and if the other party has any means to recover financially. Utilities and other bills that need to be paid should be put under scrutiny in order to know which partner will be responsible in paying for it.
Listing down the bills
It helps to make a list of all the bills for utilities that need to be paid. Water, electricity, cable, telephone, and even the car insurance are just a few of the utilities that need to be taken care of. During the negotiations for your alimony, you can ask your lawyer to present the list of utilities in order to argue for the amount that you should receive. For those who were unemployed or relied on their partners financially during the marriage, a divorce means having to start over but not necessarily from scratch. However, you should be quick to segregate the bills, especially the joint ones, so as to quickly determine whom the other half should be charged to.
Finding ways to support yourself
Though the alimony and child support can help you rebuild your life and provide for your children, you also have to be stringent with your expenses and find other ways of supporting yourself. Be sure to change the owner’s name in the utilities so you have your affairs in order, but make sure that previous or outstanding debts are paid or cleared before you put it in your name. Establish a credit of your own so you won’t have any trouble getting credit from suppliers such as the electric company or even the bank. Finally, make sure to separate any joint accounts that you once had with your ex. This ensures that you get entitled to what you deserve.
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