Although divorce involves many aspects of household dissolution, the matter of marital debt remains a complex matter. Marital debt is debt incurred during the course of the marriage. As if the emotional trauma of a broken marriage is not enough, the separation of a pair of personal lives is magnified by the separation of economic ones. Now,… Continue reading →
Posts Tagged ‘creditors’
Divorce and debts
When a marriage ends, the property and assets are not the only things that are divided. So are your debts – credit cards and other bills that need to be paid. When there is a prenuptial agreement, it is usually easier to divide debts that have been incurred because the agreement will guide you through… Continue reading →
Allocation of debts
Besides the division of assets, the allocation of debts is one of the most important issues to settle during a divorce. Both parties are responsible for marital debts that were incurred during the marriage. Generally, the decision regarding the allocation of debts follows the same principle as division of property – all debts must be… Continue reading →
Spouse refusing to pay the joint debts
Is your spouse refusing to pay his or her share of the credit card debt? If this was a joint credit card, look out, the credit card company will come to you for payment. Even though your spouse has an official legal order to pay off certain debt, the account will remain in both of… Continue reading →
How divorce affects your credit
Going through a divorce can affect your credit later on, especially if you and your spouse have debt that needs to be paid. Making your credit report apart of the divorce process is important – it can affect you if you want to purchase a home or automobile on your own. If your former spouse… Continue reading →
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