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Five Tips for Dealing with Debt and Divorce: Settle Up

by Norris Law Group on November 4, 2014

Five Tips for Dealing with Debt and Divorce: Settle UpIn our previous installment, we introduced the first in a series of five tips for how to deal with debt during a divorce as suggested by a July 2014 article on FoxBusiness.com. The first suggestion is to put a stop to any future spending on existing credit accounts that you and your spouse use jointly or on which one spouse is an authorized user on the other spouse’s account. Next, FoxBusiness.com advises divorcing couples to settle all credit accounts as soon as possible.

  1. “Settle up ASAP.” If at all possible, find a way to pay off all your credit accounts—even before you enter into divorce proceedings if you can. Doing so can save a great deal of time, trouble, and arguments later. Any available cash or savings should be used to eliminate the debt. If you don’t have access to ready cash, selling existing assets is another possibility. Even if it means selling your house, cars, or other property, it is wise to eliminate as much debt as possible so it doesn’t become an issue in the divorce. Once the credit accounts have been paid off, make sure you have written records showing that the accounts have been paid. You may need to share these with your divorce attorney and the court.

Attorney Graham Norris and his associates at the Norris Law Group serve the residents of Utah County, UT and throughout Utah, Wyoming and Idaho. Contact them today at 801-932-1238 or online for a free consultation.

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