Dividing Debts in Divorce

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Dividing Debts in Divorce

During a divorce, you will have to sort out your financial affairs and determine not only what assets belong to whom, but also what debts belong to which partner.

The first step in dividing debt is to find out how much debt you and your partner have accumulated to this point. Finding how much debt you have between the two of you can be achieved by ordering credit reports from the three major credit reporting agencies: Equifax, Experian, and TransUnion. It is also important that you stop anymore debt from accumulating. If you are trying to sort out who owes what, it makes it more difficult if the list is ever-growing.

How to Distribute Debts between Partners

Next you will want to look at the credit reports to see how much debt is considered separate debt and how much is shared debt. Obviously, the debt that solely belongs to one partner is the responsibility of that partner.However, sorting out the shared debt can be a bit more complex. There are several options divorcing partners have in order to distribute the shared debt: 

Should I Consult a Divorce Attorney?

It would be very wise for you to consult a divorce attorney while going through divorce proceedings. Your divorce attorney will be able to represent your interests in a professional manner and be able to guide you through the legal process of divorce.

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Last Modified: 08-26-2014 03:15 PM PDT

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