Divorce and Credit Debt

Divorce and Credit Card Debt

When going through divorce it can be a real pain to find a way to

divide all the bills that are due then. One of the hardest things to

divide is your consolidate credit financial debt. The person in the

divorce that continues to hold the accounts will still continue to get

the bills and have to pay them. The least preferable way to get the

bills divided is to due it in a form of child support. You could divide

all your bills and when your divorce gets finalized, the income

generating party will start to pay their half in payments.

That would make it where one party gets stuck with all the credit

card debt and the other one will only have a set amount to pay.

Well this is not fair is it? Then if either of you use the card you

have to go back through and change the legal amount. That is not

only going to give you a headache but also give administration a

headache.

If you and your party are able to compromise, you can agree to a

reasonable amount. You can then decide which shared assets to

use to pay down the debts. Before you sell these assets, close the

accounts and distribute the funds equally.

Even after doing this there may still be some amount owed left

over. It does very wise to divide this amount between the two of

you. Then both parties can decide their own ways to pay of their

amount due.

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