Are you going through the divorce process? Are you concerned about the impact this will have on your finances?
It's good that you're thinking about your financial situation. After all, you can expect many things to change in the days, weeks and months to come. By taking the right approach up front, you can avoid additional challenges in the future.
Many people focus all their time on property division. They want to know who will get the house. They want to know who will get the money in the family savings account. While it's important to understand your rights with regard to the assets you'll receive, don't overlook one other thing: debt.
Just the same as assets, debt is subject to property division. There are many types of debt that can come into play, with credit cards often at the top of the list.
Here are some tips for dealing with credit card debt (as well as debt in general):
- Do your best to leave your marriage in the past with no joint debt.
- Cancel all joint credit cards to ensure that your former partner does not continue to accumulate debt.
- Divide debt from joint credit cards on individual credit cards in each person's name.
- Keep records of the charges you have incurred once you have split from your partner.
- Don't wait to file the appropriate court documentation with regard to joint credit cards and other types of shared debt.
There is no denying the fact that these tips can work in your favor. Even so, dealing with credit card debt during a divorce is not always straightforward.
The most important thing to remember is this: You don't have any time to waste. The day you decide to move forward with divorce is the day that you should review your credit card debt and take steps to protect your personal financial well being.
With so much to think about during the divorce process, it's easy to overlook the importance of managing joint credit card debt. When you have an experienced family law attorney on your side, you never have to worry about making a mistake that could cost you time and money in the future.