Money weaves through all of our lives and is woven in to our relationships, too. So when a couple divorce, there are financial consequences. Here are the things to keep in mind before, or during, a divorce.

Your credit- The credit rating for both of you could be badly affected during a divorce. There is confusion, disruption and intense emotions and all the bills may not get paid on time during these months. Do what you can, but don't be surprised, if this occurs. Make sure you communicate with the lenders during this time. And if you have a god relationship with a particular lender, have a talk about what else you might do to come out with flying colors on the single side of the road.

Your income- Depending on what your role has been before the divorce, your income could be a problem. Some women make more than their husbands. But some have made the home and caring for the family a full-time job and in that case, there will be some income concerns.

Marital assets divided 'equitably'- I am not an attorney, but the State of Maine is an 'equitable asset' state. Meaning that assets (including stocks, bonds, mutual funds, boats, houses, land, outstanding loans, artwork, collectibles, etc.) accumulated together are divided fairly, according to the law.

One of the most important questions is do you know anything about your finances? You need to know all you can about how to manage your finances in your new single life. Take control. Don't be a victim!

Citation:
Marital assets

http://www.divorcesource.com/info/divorcelaws/maine.shtml

http://financialplan.about.com/cs/divorceandmoney/a/DealWithDivorce.htm

Marion R. Syversen, MBA - President
NorumbegaFinancial
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Marion@NorumbegaFinancial.com
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