While a divorce may be an emotionally trying time, it's also important to keep up with the financial impact that a separation may cause. If a couple has joint debts, each person is still responsible for those debts after the divorce. A creditor may take action against each person listed on a credit card or mortgage loan regardless of what the divorce decree may say.
Another good idea is to open individual checking and credit card accounts after the divorce has been finalized. This increases the odds that the other spouse cannot take actions to jeopardize an individual's finances in the future. With an individual account, a recently divorced individual knows that his or her paychecks are secure and that there is money to make credit card and other payments.
Furthermore, the other spouse cannot rack up debt on an individual credit card and then fail to pay that debt, which could ruin each person's credit. After money has been transferred into a joint account, it is important to make sure that the password to that account is a secret. The same is true of any other passwords that guard financial or other credit information that could be compromised if a former spouse still has access to that information.
During divorce settlement negotiations, there may be many issues that need to be considered. Deciding how to split property may be the top priority outside of any child custody issues. A family law attorney may be able to help a couple come to an amicable settlement that is in the best interest of everyone involved. An attorney may also be of service if a case needs to be settled by a judge.