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Debt Dividing In A Divorce.

Of course we do not want to give up what we have worked so hard for, but when you are getting a divorce, things are most the time split 50/50.  It is nice although, when both parties can get along, and understand what the other person in their life at the time really enjoyed or cared for.  Although most the time both parties are in a full blown out fight in the divorce, so then your asking how do we divide it all in the divorce, and who gets what.  There are so many things to look at when in a divorce on what goes where.
  1. You have stocks or joint bank accounts?
  2. Who will get the property, the house after the divorce?
  3. How will the taxes be done for the year, after the divorce is finalized?
  4. Is there any alimony?  Check previous alimony blog for more information.
  5. Also if you’re moving and now have new payments such as rents, will you be able to take on any more debts after the divorce?
  6. Who makes the higher amount of money work wise?
 This is a horrible time, splitting up everything in the divorce, but you need to look around and ask certain questions and also see if you have taken on new debt, of course if there is joint account, there is a 50/50 split on those no matter, each party has to take half of what is going on in there. It is important though to pay attention to all money amounts that are going on, such as discussed in an earlier blog *READ YOUR DIVORCE ORDER* before you sign anything make sure you understand all the debt you might be paying in the divorce.  With property and mortgages, the companies will have to do a complete refinance before any party is removed.  If one or the other in the divorce is taking on the mortgage and paying the payments make sure you get what they call a hold harmless clause in your divorce order….so what is a hold harmless?  It says that any damage done to your credit rating if your ex does not pay the mortgage, which was agreed upon in the divorce, says that you are not responsible for any of it.  Another reason it is stressed to get a good divorce lawyer and reading over everything before you sign! There is always the possibility of bankruptcy after a divorce and also during, we have discussed what you will need to do in an earlier blog if your ex declares bankruptcy after your divorce, but there is also the possibility that during your divorce one or the other of you will declare bankruptcy.  You will need to consult with a bankruptcy lawyer besides your divorce lawyer.  This will be discussed later on.

 

Posted: Dec 13 2007, 07:36 AM by Divorce | with no comments
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