Saturday, December 27, 2008

Divorce: "Divvying Up" the Debt*

In any divorce, financial matters can be the stickiest issue for couples to get around. When you carefully consider all of your debts without bias or hard feelings, the both of you can eventually reach an agreement that is fair to all.

Contacting an experienced attorney is the fist step in getting the best divorce advice for your particular situation. Next, you will want to make a list or spreadsheet of all your joint and individual debts, sorting them into three separate columns. Be sure to include the names of your creditors and the balances owed along with the account numbers. Prioritize which are the debts you will need to pay first, such as utility bills and mortgage or rent.

Once you have listed all your debts, assess your individual incomes. Whoever earns the most will naturally be better able to pay a larger chunk of the debt. This is can be a very crucial detail, particularly in the case of women and divorce, since they will many times be the ones to stay home and care for the children throughout their marriage.

Get a copy of both your credit reports. Decide which, if any, debts can be eliminated or paid off immediately. Be logical about how debts are assigned and try to be sensitive to your spouse’s future plans such as going back to college or starting a new business.

Finally, obtain information with regard to debt consolidation and bankruptcy (as a last resort).

Once you and your spouse have sorted out a fair plan, have your lawyer incorporate it into your divorce settlement or judgment of divorce. While there is no such thing as an “easy divorce,” staying civil and calm throughout the debt division process will certainly help to speed things along for the both of you.

*Written by Nathan Dawson
About the author:
Nathan Dawson writes for http://www.lifeaftermarriage.coma great online source for finance information.

*Metts Law Firm, LLC is not responsible or liable for the content in this post. It is intended for informational purposes only, and not as an offer of legal advice or representation. Anyone seeking a divorce should contact an attorney to get advice.


  1. I tried mediation with my wife, but she was so mad that it did not work. What can I do?

  2. The key to mediation is compromise. Both of you have to be willing to do this. As hard as it sounds, it is much better than a judge telling you what to do. I went through a divorce and i didn;t think the judge listened to much of what either of us had to say and then she just told us what would we had to do. Both my husband an i regretted not putting forth a better effort in mediation.

  3. I don't know if the cost is worth it, lawyer fees, selling the house.

  4. You only live once and being miserable is too high a price to pay. Just my opinion.

  5. I agree, I only had to pay my attorney once but I would have been paying my ex forever had we stayed married.

  6. My husband is self employed and I think he is hiding his income and assets. Is there anything I can do?

  7. I've only been married for two years can I get alimony?

  8. You can take all the advice given, but nothing matters except how the Judge feels that day.