Divorce is messy. Between the emotional and mental stress you may feel entirely overwhelmed, but it’s pivotal that you keep in mind that your finances can be just as affected as your mindset. Things can get especially complicated when one person doesn’t follow the debt repayment plan thay was agreed upon in your divorce decree. Luckily, there are a few things you can do ahead of time to make your split as financially clean as possible.
Stop the Spending and Settle Up
If you were the one who signed the application for the credit cards or loans then the accounts belong to you and you can close them immediately. Any accounts that are jointly owned cannot be closed without the signature of your soon-to-be ex spouse, but you can place a freeze on the account so no more charges can be made. Once the account is paid off it can be closed. Paying off joint accounts before or during a divorce (anytime before it’s finalized) can save you a lot of headache in the future.
Don’t be Afraid to Take on the Debt
As backwards as it may sound, it may be in your best interest to assume responsibility for the debt. By taking the debt into your own hands you are removing the stress of worrying that’ll it won’t get paid. Then you can negotiate with your attorney a way to offset the expenses you’re taking on by granting you a higher percentage of the marital assets.
While there’s no surefire way to guarantee that you’ll come away from your marriage with a clean credit rating, these tips will help you get started in the right direction. The debt counselors at Debthelper.com are also a great resource. They can answer any lingering questions you have and help you get out of any debt that you may end up in.