If you find yourself facing divorce, it's only natural to focus some of your time and attention on property division. You want to know who will receive what as the result of the divorce.
You should focus on the division of debt, as this is every bit as important as the assets you will receive. It may not be fun to learn more about the debt you and your soon-to-be ex-spouse are carrying, but it will come into play nonetheless.
Credit card debt is extremely common, meaning that you may have to deal with this as the divorce process pushes forward.
Here are some of the top tips for successfully putting this in the past:
- Cancel all joint credit cards. This goes a long way in ensuring that neither spouse is able to run up debt that the other person will be responsible for paying.
- Use joint savings to eliminate credit card debt.
- Consider the benefits of filing for bankruptcy. If you are still married, you'll want to file at the same time so that neither person is saddled with the joint credit card debt.
There is no right or wrong way to deal with credit card debt in divorce, so it's a good idea to learn as much as you can about all your options.
If you tackle this important detail early on in the divorce process, it won't be long before you have a better understanding of how everything will work out. Organization in regards to property and debt division is essential to quickly putting your divorce in the past.
Source: CreditCards.com, "Dividing credit card debt in divorce," accessed Aug. 07, 2017