During the course of divorce mediation, it is helpful to run your credit report. This allows each party to see the amount of debt in real numbers that exists from the marriage. You don’t want just the credit score but the actual long report. Where is the debt coming from (student loans, credit card, mortgage)? Whose name is attached to which debt? Do you have old joint credit cards that you forgot about and should now close? All of this is important when sorting out the financial picture of the marriage. You are allowed to get one free credit report every 12 months. Here is the website: https://www.annualcreditreport.com/index.action
One of the goals of divorce mediation at Westfield Mediation, LLC, is to divide the marital assets and debts in a fair and equitable way in an amicable manner. This is a more straightforward process when you are dealing with actual numbers and not just estimates. It is helpful to know that there is this exact amount left on the car loan as of this date and not maybe there is $5,000 left. Some people are surprised, either in a good or bad way (maybe really $4,100 or maybe really $6,800), with how much they owe.
Another helpful reason to get a credit report is to protect yourself in the future. This means that if you disclose via the credit report to your spouse during mediation that there is a set amount left on the mortgage or on a credit card, your spouse cannot in the future take you back to court and accuse you of hiding money. For example, three years from now your spouse cannot return to court claiming s/he should have gotten more equity from the house because the mortgage was not as high as you claimed. The credit report, which is shared between the parties during mediation, shows exactly what was owed on the mortgage and the other party can’t claim that s/he didn’t know.
For more information on divorce mediation, please contact Randi M. Albert, JD, or Michelle Weinberg, M.Ed., Licensed Marriage and Family Therapist, at Westfield Mediation, LLC at 908.913.0373. View our website at www.westfieldnjmediation.com or email us at [email protected].
One of the goals of divorce mediation at Westfield Mediation, LLC, is to divide the marital assets and debts in a fair and equitable way in an amicable manner. This is a more straightforward process when you are dealing with actual numbers and not just estimates. It is helpful to know that there is this exact amount left on the car loan as of this date and not maybe there is $5,000 left. Some people are surprised, either in a good or bad way (maybe really $4,100 or maybe really $6,800), with how much they owe.
Another helpful reason to get a credit report is to protect yourself in the future. This means that if you disclose via the credit report to your spouse during mediation that there is a set amount left on the mortgage or on a credit card, your spouse cannot in the future take you back to court and accuse you of hiding money. For example, three years from now your spouse cannot return to court claiming s/he should have gotten more equity from the house because the mortgage was not as high as you claimed. The credit report, which is shared between the parties during mediation, shows exactly what was owed on the mortgage and the other party can’t claim that s/he didn’t know.
For more information on divorce mediation, please contact Randi M. Albert, JD, or Michelle Weinberg, M.Ed., Licensed Marriage and Family Therapist, at Westfield Mediation, LLC at 908.913.0373. View our website at www.westfieldnjmediation.com or email us at [email protected].
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