Take Control Of Your Finances

Wouldn’t it be great to know that you are totally in control of your finances? Well, guess what? All of us have the ability to be in control of our finances, and we should make every effort to ensure that we are, especially if divorce is imminent. There are so many issues that have to be addressed when the divorce process begins; unfortunately, finances are one of the biggest issues. I am not just speaking to “What am I going to get?” or “What am I entitled to?” but also to assets owned as a couple, whether credit is issued jointly or individually, what debt is owed, how much is owed on a mortgage, how are the house and cars titled, etc. All of these questions come under the “finance issue” umbrella, and women, especially, need to have a heads up about these matters before they become an issue, which they will.

In some cases, just having the answer to these questions can be very empowering. The last thing you want to do is to have to ask about these issues when the lines of communication are breaking down before your eyes, and where the possibility of getting an accurate answer may be slim-to-none. Even worse is when you have to be a detective for yourself and you’re not able to put your hands on the documents that will confirm what your liabilities and responsibilities are. Imagine not knowing that your spouse opened a credit card in “both” of your names and that there is a balance on the card for which you are responsible; you don’t even have access to the card and don’t even know what the balance is until the judge orders you to “split” the joint debt. Or, what if the same scenario is present and you find out when you check your credit that the payments have been made late and your score has been adversely affected? Credit repair can be a very costly and long process. 

Being in control of your finances is not a gender-specific issue. It is a universal goal that everyone should empower himself or herself to achieve. It is inevitable that in a divorce, one of the spouses is going to have to relocate and possibly get a new loan in his or her name. All of these issues come into play when necessity dictates establishing new credit.

On a daily basis, I talk to people who are in need of a loan, whether it is for a refinance or a purchase, and any one of these issues may have to be addressed at any given time. Don’t be caught with a lack of knowledge in this area of your life. Take control today and know the answers to the financial questions that pertain to you and your family.