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Debt and Divorce

According to a professor at a leading university in 1997; approximately half of the marriages that took place that year will end in a divorce. This is very hard to fathom for many, however, the problems that follow the divorce can be the most difficult. In the media we constantly see couples splitting up and feuding over who will get the mansion and who will get the yacht. In most cases within the United States the couples getting the divorce have large amounts of debt collected which required two incomes. Couples are headed their separate directions and have many new finances they will need to look forward to. There are many precautions and recommendations to take that can help ease this difficult process.

First Step

The first and most practical approach is to find out how much debt has been collected over the time. Many people are aware of the debt that has collected, however some spouses keep spending habits a mystery. The first suggestion is to get a credit report and find out your credit score immediately. If you do find out there is unexpected charges the next important task is too freeze your debt. Don’t take the chance to let your debt get any worse. Put a hold on any credit cards with your name on the account and be careful with your spending. It is always safe practice to inform your spouse you are putting a hold on the credit card or account. You do not want any additional feuds. Spouses tend to work together and can agree to leave a card open certain reasons.

What’s next?

After you have frozen your debt and credit cards, it is important you begin distributing the debt. The most ideal way to rid yourself of the debt is to take responsibility for it and pay it off up front. If you have land or other assets that you can sell for cash this is the easiest way to pay off the debt. However, in some cases, people will not have the luxury of taking this approach. There is always the option to have the spouse take responsibility or to split the debt evenly. This can sometimes be risky, because you still may be at risk. Even though the paper work may state you have equally split, the debt creditors may come looking for you later, if your spouse has not paid the debt.

Know Your Debt

One of the hardest problems people have dealing with their debt is financing. Changing spending habits can be difficult for someone who has just fell into a debt problem. However, with a few small changes to your spending you will soon realize saving money can be made easy. Always avoid risk-based lending and refinancing your home. The last thing you want to do is pile up more debt. By making your debt payments and watching your spending soon enough you will see a decrease in the amount of debt you have acquired.


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