In the Virgin Islands, divorces present their share of financial difficulties. Once finalized, a former spouse has to pick up the pieces of their life and become financially stable on their own. Creating a better plan for starting over financially after a divorce can prevent common mistakes and help them achieve more stability.
Correcting Title or Deed Information
After a divorce, it is urgent for both parties to remove their former spouse from titles and deeds for any assets that are solely theirs now. By putting it off, the consumer is placing their asset at risk. If a creditor places a lien on their property, the lien will remain until their former spouse settles their debt. This could prevent the new sole owner from selling the asset in the future. It also gives the former spouse a claim over the asset even if the new owner remarries.
Opening New Savings and Checking Accounts
It is always advisable to start fresh when it comes to checking and savings accounts. A former spouse who still has access to a savings or checking account could drain all the funds without issue. It gives them too much control over their former spouse’s finances and presents issue down the road. Starting fresh cuts ties with any accounts that are familiar to a former spouse and secures your own assets keeping your spouse out.
Create a More Realistic Lifestyle
After a divorce, it is likely that a consumer might have some financial issues. Divorces aren’t always cheap and could present some difficulties when starting a new life with one income. It is recommended that the newly divorced consumer take charge of their finances and take a more realistic look at their current lifestyle. Some changes could prevent financial hardships in the future.
In the Virgin Islands, divorces lead to financial difficulties due to child support and alimony payments. When readjusting to the new reality, consumers often make serious mistakes that prove costly in the long run. Removing a spouse’s name from property deed is the first strategy for protecting assets. Consumers who want to create a new life and financial plan after a divorce contact Kirk Chewning right now.