Debt and divorce

 

Three ways to handle your debt during a divorce… 

1. Avoid racking up more credit card debt while you are still married. All the debt you and your spouse incur while you are still married will need to be divided between the two of you before your divorce can be finalized. The less there is, the less you both will walk away with.

2. Pay off as much debt as possible before your divorce is finalized. This just makes sense. If you’re able to pay down debts before finalization, you both walk away in a better position. 

3. Decide who is responsible for paying off each debt (if possible). Most times you are going to prefer whatever arrangement you can make with your spouse to what a Court may decide.