Money is always a sticking point during any divorce. After all, each partner wants to get as much as they can. But guess what? There is another financial aspect to keep in mind; that being debt. This is something that most people don’t want to think about because it is not cash they are receiving, but instead money they have to pay out of their own pocket. That being said, you cannot run from debt just because you are going through a divorce. Instead, you need to make sure that this is taken care of during the divorce proceedings.

First and foremost, you need to obtain a copy of your credit report. From there, you can mark the accounts that are joint. These are accounts that have both your name and your ex-spouse’s name. Obviously, any debt that is only in your name will stay that way.

Next, you need to realize that creditors do not care how they get their money, as long as they get it. For this reason, you need to make sure that all joint accounts are taken care of before the divorce is finalized. Both parties are liable for 100 percent of the debt until it is paid off. So if your ex says they are paying the debt but never does, the creditor is going to come after you.

As you can see, dealing with debt during a divorce can be difficult. It is important that you know what accounts are joint. To go along with this, you may also want to hire a divorce lawyer to walk you through this process and to help you safeguard against potential issues down the line. It is better to be safe than sorry when it comes to dealing with debt during divorce.

*Photo courtesy of Squeakymarmot on Flickr 

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