Divorce is stressful enough without having to face massive debt. You need to protect yourself and your financial situation before your divorce is final. Here are some tips to help you avoid negative consequences of your soon to be ex-spouse’s actions.
- Establish your own credit accounts. If you and your spouse are on speaking terms, come up with a way to separate and divide your credit card debt. Close out all joint accounts. While in a perfect world this should be done with your spouse’s cooperation, the fact remains many people have been dragged into financial crisis by a spiteful spouse who runs up debt and refuses to pay. By establishing your own accounts and your own credit line, you can protect yourself. Know that if you can’t agree to divide debt, the court will do it for you. Unfortunately, even if the court decrees one spouse has to pay a debt, the credit companies can still come after you if your name is on the account. Continue Reading