Island Savings

Divorce

On top of the emotional stress involved, getting a divorce can be time consuming, expensive and complicated. At Island Savings, we can provide you with simple financial solutions to assist you during this stressful time.

 

Financial consequences of divorce

The act of getting married linked you both in a financial sense, and those ties will need to be undone so you can move forward in your separate lives. In many cases, it's possible to agree to a fair division of assets, but other times it is more complicated.

It is a good idea to make a checklist of all the elements that will be affected, including wills, power of attorney, real estate, investments and pensions. Here are some other considerations:

  • Your new status may have tax implications
  • You’ll need to do an assessment of all your assets and classify them based on pre-marriage and separation dates
  • You should also start to map out what your finances will look like after divorce—consider your kids, parents, housing, retirement plans, social life, donations, friends, etc.

EXPERT TIP

If your divorce settlement states that your ex-spouse is responsible for the payment of any jointly-held debt, continue to monitor the account to ensure that payments are made, if not, it could adversely affect your credit.

 

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