For many Americans, the concept of a clean and seamless divorce is just a myth; most who have experienced this exhaustive legal process find themselves amidst a mess of financial issues—amongst many other matters. Having experienced these obstacles firsthand, Chris Kennedy founded LegalLogs as a way to help those involved in a modern divorce stay organized. Specifically, LegalLogs is a tool that helps parties thoroughly document any evidence or records that may prove useful in a settlement, streamlining the confidential data to a trusted divorce attorney. While this resource assists with all kinds of evidence, one of the most important matters it can help organize is that of credit—an issue that many going through a divorce fail to clearly address.
Chris Kennedy explains, “Divorce causes the end of a marriage—not the end of one’s credit history. In fact, if handled incorrectly an ex-spouse’s credit problems may pass on to you, damaging your financial worth.” According to Mike Thomas, Senior Loan Officer at SWBC Mortgage Corporation, the best way to avoid credit mishaps is to take a proactive approach, specifically by developing a plan to arrange financial documents and records ahead of time.
The first step for the divorcing party is to make sure that they have the most-up-to-date credit information, such as a credit report. Chris Kennedy explains, “If you are planning on a divorce and notice that there are unusual problems on your credit report, it is best to resolve these before filing. This way, your record will have less of an impact on your financial image during a settlement decision—including your ability to care for a child."
After assessing your credit report, Mike Thomas of SWBC Mortgage Corporation encourages individual parties to assess the various types of debt that they may carry with their current spouse—specifically those that are unsecured and secured. Thomas advises that those with secured accounts, such as cars or homes, should arrange to have the property sold, so that their name is no longer attached to the debt and the remaining balance is paid off. If the other spouse wants to own the property, it could be advantageous to mediate a plan for refinancing the loan—allowing the partner to buy out the other half of the asset. Kennedy warns, “In some cases, if you fail to organize this area of finances, you could end up being stuck with your name on the loan, but technically not own the property.”
Those with unsecured accounts, such as credit cards, may have to take intensive strategies to ensure that their names are clear from any debt that is not truly theirs. For instance, Mike Thomas urges all divorcing parties to remove their names from any cards in which they are just the signer, as well as to close any accounts that are balanced.
Although the financial elements of divorce—especially those involving debt—can seem intimidating, Mike Thomas notes that there are many professionals, including mortgage specialists and financial planners, that can assist with preparing the best strategy. Chris Kennedy concludes, “Get all the professional help that you can to make sure you have the best plan—the stronger your information the stronger your case. Always remember to carefully document any changes you make to your credit accounts and make sure to gain proper evidence from any financial professional who may have helped you throughout the process.”
Those looking for a comprehensive organizational tool that can securely document financial data and more can refer to LegalLogs as a cost-effective resource to help build a stronger divorce case.
ABOUT:
The team at LegalLogs is dedicated to helping attorneys and individuals facing divorce or personal injury navigate the challenging ordeal of document organization for divorce proceedings. LegalLogs has created a unique application platform that operates on a cloud-based server; a distinctive tool that provides a way for clients to easily communicate and exchange critical information—such as financial documents, records, evidentiary photos and messages. With these resources, any person pursuing a divorce or personal injury claim can find the means to gain the upper hand during the legal process to ensure better results. Those looking to gain more information are invited to follow the company’s Facebook page and Twitter @LegalLogs or visit the LegalLogs corporate website.
Company Name: LegalLogs.comContact Person: Chris Kennedy
Email:Send Email
Phone: 410.879.3223
Country: United States
Website: www.legallogs.com
Source: www.abnewswire.com
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