Family Law Blog
Colorado Attorneys - Kaplan Law, LLC
Three Ways to Protect Your Credit during a Colorado Divorce
By Denver Divorce Lawyer on June 23, 2011
A big part of divorce proceedings for any couple is deciding how to split the marital assets - and the debts. Unfortunately, property that the couple once thought of as an asset, such as the family home, can turn into a huge liability after the spouses separate, leaving one or both of them with mounting debt and damaged credit.
Luckily, there are ways to help protect your financial health during Colorado divorce proceedings, allowing you to exit your marriage without destroying your credit. These include:
- Closing joint accounts. Protect your cash, certificates of deposit, and other investments by closing joint bank and investment accounts and moving your assets to an account in your name only.
- Removing yourself as an authorized user from your spouse’s accounts. If your spouse has added you to any of his or her accounts, write to the institution that maintains the account and ask to be removed as a user. Leaving your name on your spouse’s accounts could make you responsible for any debts your spouse owes under those accounts.
- Having your family home and other valuables appraised. An experienced appraiser can tell you what the family home and any other significant assets are worth, which tells you how much you should ask for as your share of the deal. Remember that you and your spouse are equally responsible for the mortgage until the house is refinanced in one person’s name only.
An experienced Colorado divorce attorney like those at Kaplan Law can help you protect your credit and emerge from a divorce with the financial means and support to move on with your life. To learn more about how Kaplan Law can help you, call us at 1-877-527-5260 today.
