divorce proceedings

In a Divorce, Who’s Left Holding the Credit Card Bills?

April 1, 2019 | Kearns Rotolo Law

Marriage is a partnership, therefore, it is not unusual for couples to share both assets and liabilities while they are together, but what happens in a divorce? Usually spouses, with the help of their lawyers, will work to reach agreements for the distribution of property and other assets. The court may intervene if amicable agreements can’t be reached. However, the distribution of debt, particularly credit card debt, is a different story.

Depending on the specific circumstances of a divorce, the court may make determinations on the repayment of debt. For instance, the court may rule one spouse is solely liable for the debt repayment, or it can rule on the percentage of liability each spouse holds for the satisfaction of their debt. That ruling, however, does not negate the original terms of the credit agreement. Because credit cards represent a contractual agreement between card issuer and cardholder (i.e., the person in whose name the card was issued), credit card companies hold the cardholder ultimately responsible for any and all payments due on the card. That holds true even if the charges were made by someone else, such as an authorized card user. If a court rules someone other than the cardholder is responsible for debt repayment, it is up to the cardholder to see that ruling is enforced.

To learn more about divorce and credit card obligations and the recourse you may have, read “This is how credit card debt gets split up in a divorce.”

Preparing for That Initial Meeting with Your Divorce Attorney

January 1, 2019 | Kearns Rotolo Law

For many people, the decision to divorce comes after months or even years of assessing their situation and giving careful consideration to all other options. But, no matter how long you have lived with the possibility of divorce, taking that first step to end your marriage is very emotional. Emotions can easily cloud your judgment and prevent you from thinking clearly so, before you meet with your divorce attorney for the very first time, it pays to be prepared.

In order for a divorce attorney to successfully defend your rights in a divorce, he or she must be aware of the facts relating to your situation and have a clear understanding of the marital assets and debts involved. Providing your attorney access to this information from the start can help you avoid delays in your divorce proceedings. For an idea of what kind of documentation would be helpful, read “What To Bring To Your First Appointment.”

Don’t Overlook Health Insurance Options In the Midst of Divorce

November 1, 2018 | Kearns Rotolo Law

It is common in a marriage for one spouse to opt for family coverage under their employer’s health insurance benefits. This way, the employee’s medical expenses as well as those of their partner and children are covered. But divorce changes that – health insurance policies don’t extend to ex-spouses. There’s no need to panic, just understand your options and plan accordingly.

Under most circumstances, family coverage remains in effect as long as a couple is married, even if they choose to live separately pending finalization of their divorce. Of course your spouse does have the option to switch to an individual or an individual with children plan, but usually such changes are allowed only during open enrollment periods. If you are covered under your spouse’s medical insurance, make it a point to be aware of the open enrollment dates for that plan and use the interim time to investigate all your options to find the coverage best suited to your health and your finances.

To get an idea of what alternative coverage is available to you read the Forbes.com article, “What You Need To Know About 3 Key Options For Health Insurance After Divorce.”

Strategies for Keeping Your Divorce Civil

September 1, 2018 | Kearns Rotolo Law

For most couples, the decision to divorce comes only after all attempts to save their marriage have failed. Once it becomes clear that divorce is their only solution, they just want the relationship to end so they can begin the process of moving on with their new lives. Only the most narcissistic among us want the process to drag on.

A drawn-out divorce can be costly and emotionally draining. There are legal strategies you can employ to protect yourself – and your children – from additional pain. Read “Detox Your Divorce With These 5 Smart Legal Moves” to learn how you can keep your divorce process civil and as brief as possible.

Helping Your Children Cope with Your Divorce

July 1, 2018 | Kearns Rotolo Law

Divorce can be complicated and all-consuming. The one thing no parent wants to do, however, is to lose sight of their children’s wellbeing during the process. As your emotions run the gamut between hurt and anger, it’s important to remember that your children, too, are affected by this change in your family dynamics.

One of the worse things you can do is to hide the truth from your children. Telling your children that you or your spouse is “going away for a little while” won’t soften the blow; it will only give them false hope. What they need most at this time is the support of both parents. For pointers on how to help your children deal with your divorce, read lifehack.org’s article by Dr. Magdalena Battles entitled, “How to Raise Healthy, Happy Kids After Going Through a Divorce.”

Heading for Divorce? Knowing What to Expect Can Help You Avoid Surprises

May 1, 2018 | Kearns Rotolo Law

Most people don’t enter into divorce lightly. In fact, it’s usually the last resort couples turn to when all other attempts to revive their dying marriage have failed. It’s no wonder then that people facing divorce run the gamut of emotions – sadness, anger, fear, disappointment. The last thing anyone in that situation needs is surprise.

Before taking that first step to filing for divorce, it is important to understand the process. Emotions have a way of clouding our judgment. Knowing what to expect in the divorce process can help couples make rational, rather than emotional, decisions that can better prepare them for their new lives; it can even help them decide if divorce really is the right answer to their marital problems. To learn more about the divorce process, read “Time To Divorce: Do You Know What To Expect During The Divorce Process?”

Facing a Divorce? Take Steps to Protect Yourself and Your Children

May 1, 2017 | Kearns Rotolo Law

Not all couples facing divorce do so amicably. Those who do usually fare better in the long-run; for those who don’t, however, a little preparation can help you avoid making serious mistakes both during the divorce process and in its aftermath.

Individuals involved in contentious divorces have found themselves left in dire financial straits, or have lost their homes or even their children because they failed to take precautions before proceeding with their divorce. A recent article on workingmother.com offered guidelines for preparing for divorce in order to protect both you and your children legally, financially, and physically. For details, read “How to Prepare Yourself and Your Children for a Divorce.”

Discussing Your Divorce on Social Media Often Backfires

April 3, 2017 | Kearns Rotolo Law

Many people today use social media to engage with family and friends, especially those they don’t get to see on a regular basis. These platforms provide an easy means for publicly sharing accomplishments and milestones, or passing along amusing or entertaining stories. Problems can arise, however, when people share information of a more private nature, like their divorce.

Divorce is an emotional process. It isn’t unusual for people going through divorce to seek support or sympathy, but using a public venue like social media to solicit that support can backfire in a big way. So can carelessly posting about your social activities during this process. To learn about the dangers of discussing your divorce in social media or posting about your social engagements without censorship, read “3 Social Media Mistakes Divorcing Couples Make Every Time.”

Saving Your Credit Rating Through Divorce

March 6, 2017 | Kearns Rotolo Law

Most people work hard to establish a good credit rating and even harder to maintain it once it is achieved. To have a good credit score jeopardized by the actions of another person would be devastating, but that’s what could happen if a husband and wife fail to discuss how to handle their debt in the event of a divorce.

Married couples commonly have shared accounts and financial obligations – mortgages, credit cards, and car loans, to name a few. The actions of one spouse can impact the credit rating of the other spouse not only during the marriage, but even after the couple separates. To learn how to protect your credit score in the midst of your divorce, read “What Happens to Your Credit When You Get Divorced?”

Do You Need a Forensic Accountant?

December 12, 2016 | Kearns Rotolo Law

A crucial part of the divorce process is dividing up the couple’s assets and debts in as equitable a manner as possible. Sometimes this distribution of assets is simple, while other times it is much more complicated, especially for couples who have complex financial portfolios that include such things as stock options and restricted stocks, deferred compensation, retirement and insurance plans, properties located in other states or countries, and exceptionally valuable tangible assets such as artwork, antiques or collectibles.

The settlement options you agree to during your divorce proceedings can have a long-term impact on your financial and tax situation. If your situation is complex, it may be prudent to seek the help of a financial specialist, such as a forensic accountant, before agreeing to terms. For more on how a forensic accountant may be able to help in your divorce negotiations, read the New Jersey Business Magazine’s article, “Forensic Accounting During Divorce Proceedings.”