Financial Resources

Following a divorce, legal title to real estate and personal property is affected. Also, because of the frequent disparity in income potential and limited individual credit history, the availability of credit after divorce ordinarily declines. The first few steps to restoring credit are: 1) verify public records correctly show individual ownership of assets, 2) close all joint financial accounts, 3) open individual financial accounts, 4) amend insurance policies and named beneficiaries, 4) apply for new credit, and 5) maintain all payments current. The ability to prove individual net worth, ownership and credit are essential to financial wellbeing.

Current financial resource categories:

1. Credit Management
2. Legal, Lawyers & Law Firms
3. Debt Management
4. Insurance and Investments
5. Loans and Mortgages

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To change the record owner of real estate, a document entitled "Correction Deed" is ordinarily filed. This deed does not require the signature of a prior spouse. The deed refers to the prior joint owners, includes legal description of the property, and further describes the court order by cause no, date and court which grants title to the individual with a copy of the pertinent section of the order attached. To change the record owner of vehicles, state agencies normally require an official form to request changes which must include a certified copy of the divorce decree.

Contact your creditors to prevent all future charges on joint accounts. Your divorce lawyer can obtain certified copies of documents required and complete title corrections for you, and prevent further charges on joint accounts. Open new accounts individually for checking, credit cards, utilities, phones, insurance, investments, and retirement plans. If experiencing financial difficulty, many debt consolidation firms and credit counselors can negotiate reductions in monthly payments, lower interest rates, extend payment schedules, and bring accounts current by agreement.

We hope you will find the resources listed in the above categories helpful.