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What to know about separation

On Behalf of | Apr 13, 2017 | Divorce

Michigan residents may be aware of the financial, social and emotional struggles that come from getting a divorce. That is why some may choose to work on their relationship instead of splitting up. However, those who choose to separate from their spouse should make sure that they have an accurate picture of the marital finances. This means knowing how much the other spouse makes, if there are any investments and how much money is spent each month.

Those who choose to separate should also close all joint credit card accounts and open new ones in their name only. Opening credit cards in a person’s own name allows him or her to establish a positive credit history in their name only. Furthermore, if a joint account remains open, the other spouse could accrue more debt that both may be responsible for paying.

Finally, those who go through the process of separating may benefit from a separation agreement. Ideally, it will state who is responsible for paying debts incurred during the separation as well as who is responsible for paying joint debts during this period. It should also address who has access to liquid assets to pay bills and who is responsible for paying child support, if necessary.

In some cases, separation may be the first step to divorce. Those who do get divorced may wish to consult with an Oakland County divorce attorney. Doing so may help an individual learn more about property division as well as how divorce may impact a person’s parental rights. Ideally, a couple will come up with a parenting plan on their own. However, if necessary, an attorney may represent an individual in court to ensure that the best interests of the child are upheld in a divorce settlement.