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Never Assume All Debts are Paid in Divorce

Never Assume All Debts are Paid in Divorce

Posted By Meyers Law Group || 13-Jul-2012

When you are pursuing a split from your spouse, it can come at a cost. One of those costs is often debt, which is shared between both parties. If your husband has student loans that he still needs to pay off, or if your wife has a credit card debt that needs to be covered, you might be responsible for paying for part of those costs. While this is never welcome information, the fact is that when you vowed to marry each other you were promising to share the burdens of debt in your relationship. In divorces that are governed by a prenuptial agreement, it is often easier to divide these debts based on a guide that you and your spouse created before you were married.

If you don’t have a plan for debt payment, the first step is to find out how much of the burden you will need to take on. You can obtain a credit report to help find out what you owe. Many times spouses discover during this time that they have racked up enormous amounts of debt because of a spouse’s secret spending habits. There are times that a wife may go on a shopping spree in hopes of splitting the debt with her husband, or a husband may purchase concert tickets without telling his wife.

There are also times that one spouse financed an affair through the joint bank account, and may have put hotel fees on a card. When you discover debt on your accounts that you will need to split, you will wanted to freeze those debts as soon as possible. Don’t try to add more debt, because you want to make sure that your spouse won’t make problems worse. You can cut off credit cards during the divorce procedure to protect from purchases, and start working to divide the debt fairly.

If you are stuck with your ex-spouse’s debt, try to pay it off as soon as possible. You can try to obtain more assets in the property division because you are aiding with debt, or figure out a way to justify your involvement in the payments with more alimony or spousal support. Talk to a family lawyer today if you want more information!