Divorce and Debt

Hi,
In almost every divorce, the debt of the married couple turns into a problem. When the divorce is bitter, debt is totally ignored as each party believes that the other should be responsible for it. This is the equivalent of joint financial suicide. Even if the divorce is uncontested and emotions are in check, how efficiently the marital debt is handled during the divorce process can save both parties financial headaches in the future. The first step we need to take in order to efficiently manage debt during a divorce is to gather financial information in the marital estate and identify debts for which we are responsible. It is important to remember that even if we feel reasonably certain that the court will order some of these debts to be paid by our spouse, that we still need to deal with them until that time. This will assure our credit rating to remain intact once the divorce is final. If emotions are running amok in a particular divorce, it may be a good idea to solicit the help of a trusted friend or third party to gather as much information as possible on one's behalf. In situations in which all financial information isn't readily available, banks and mortgage companies will disclose pertinent needed information over the phone such as balances, monthly payment due dates etc., Another way to identify creditors of the marital estate is by running a credit report on both individuals. Tomorrow I will talk about some short term steps to take once the information has been gathered.
Until then,
Alan