Divorce is a life changing event.  Moving on after divorce is challenging regardless of your circumstances.  A significant part of this challenge is making sure that you are separated from your former spouses’ financial obligations.  Credit card companies do not have to and most of the time will not remove a signed party from an obligation to a debt. For this purpose it is important that couples close all joint accounts. Typically, creditors such as credit card companies will allow a party to close an account and open a new account in his or her own name and transfer the amount agreed in the divorce to the new account. This of course depends on the individual’s credit.  What if you agreed to deed the marital home to your former spouse, does this terminate your obligation on the mortgage?   In order to terminate your obligation, your name must be removed from the mortgage, not just the deed.  In order to accomplish this, it is important that your former spouse refinance and remove your name from the mortgage obligation.  These are just a few examples of issues that need to be addressed after a divorce.  An experienced matrimonial attorney will address these issues with you.  Contact an experienced attorney at Iandoli & Edens, LLC today at (908) 879-9499.  We are here to protect your rights.

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