Debt and Divorce: Understand Your Liability for Shared Debt

debt Dec 17, 2017

Are you faced with debt and divorce?

Divorce can be scary but when you're faced with debt and divorce, it becomes even more complicated. Know that you are not alone. Many couples find themselves knee deep in debt and have no idea what to do with it in their divorce.  The best option for shared debt in a divorce is to pay it completely off. Unfortunately, for many, this is not an option.  So what are the risks and what should you do?

If you are faced with debt and divorce, here are some important actions to consider:

Run a credit report.

This is a crucial step in determining just how much debt you have and can also help determine if there is any debt you weren’t aware of. We don’t like to think the worst, but it’s an unfortunate truth that hidden debt can be a common and unwanted surprise.

Use marital assets to eliminate debt.

Once you determine the amount of shared debt see if you can pay any of it off using marital assets before the divorce is...

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