What Happens to Finances after the Separation Date?
• Monthly Mortgage & Credit Lines: Generally speaking, you and your spouse will still be held responsible for any and all debts incurred during the marriage. In other words, the monthly mortgage statement will continue to arrive even after the DOS. However, to avoid future problems, it is not a bad idea to close all Joint credit lines upon agreement to formally separate. Or, at the very least, establish which party will take care of what obligation and formally write each creditor informing them of you and your spouse’s intentions with respect to the outstanding debt. In this way you will most likely (but not always) protect yourself from any financial trouble your spouse may get themselves into after the DOS. This may also prove invaluable as you undoubtedly apply for credit in the future. • Retirement Funds: Most of the time, with respect to retirement benefits, the actual division of such an account will not come until the actual Date of Divorce. This would mean that the other spous
Related Questions
- What Happens if a Husband and Wife Choose to Reconcile (Continue Living Together as Husband and Wife) After they have Signed a Marital Separation Agreement?
- What powers does the court have to deal with finances in a Judicial Separation as opposed to Divorce Proceedings?
- What happens if one spouse breaches the separation agreement?
