What About Debts?

What Do You Owe and How Much Do You Know?

Debt can be a significant source of conflict between spouses. Sound divorce planning requires that you (1) find out what you owe, and (2) pay attention to your credit. It is as important in divorce to disentangle responsibility for debt as it is to divide property. 

How Much Has Your Spouse Told You? 

If you have always let your spouse pay the debts, you may be unaware of how much total debt is involved. Even if you think you know, you may not. Your spouse may be one of those people who can’t resist spending. As with any other addiction, the true extent of the debt may have been hidden from you. You need to know (1) how much debt is owed, (2) who is legally responsible to pay the debt if you and your spouse can’t agree or if nothing is ever said or done about debt repayment. Read: Can You Really Trust Your Spouse About Money?

                                                                                                              

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