Dividing Debt while a divorce

Asset - Dividing Debt while a divorce

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It seems like disjunction proceedings always consist of department of the assets. However, this is not the only thing that must be taken care of while the disjunction process. In fact, couples who are undergoing a legal split must also divide their debt so that creditors receive the money they are owed. Dividing debt while a disjunction is an prominent part of finalizing your split so that you can move on with your life.

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Many population do not realize that debt must be divided like assets or property. Typically, any debt that is acquired while a couple's marriage is the responsibility of both spouses. If one of you acquired a loan for school before the marriage, then this may still be the responsibility of the old student. However, while the marriage, courts often rule that all debt goes to both parties.

This may seem unfair, especially if your old spouse had a spending problem. Sometimes, though, a judge can still settle that this is part of the marriage. For example, if your wife had a shoe-shopping addiction or your husband loved to buy expensive boats, then both parties can be held accountable for the debt if it happened while the policy of the marriage.

Thus, if you make the motions to begin disjunction proceedings, it is prominent to also freeze your credit cards so that your ex-spouse cannot place any more debt on your account. Additionally, you should consider paying for a credit report so that you can be aware of any spending that may have occurred in your name.

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