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Five Tips for Dealing with Debt and Divorce: Stop Future Charges

by Norris Law Group on November 3, 2014

Five Tips for Dealing with Debt and Divorce: Stop Future ChargesIf you are considering divorce or are in the process of divorce, you may have been unpleasantly surprised by the amount of detail involved. There is so much to do, and so little time to do it. But at some point, the divorce proceedings will end, and then the rest of your life will begin. While it may seem difficult to deal with all the details involved in a divorce now, doing so can save you a great deal of trouble later. One of the issues that you will need to consider is any debt you and your spouse accumulated during the marriage, and how you want to handle it in the divorce. A July 2014 article on FoxBusiness.com offers five situations to consider. We will go through each one individually in posts throughout this week.

  1. “Cut off future charges. “ Determine which accounts may be joint accounts and which may belong to either you or your spouse. Joint accounts may be the most important and should be dealt with first, because it’s not possible to simply remove one name from the account. Both names on a joint account are equally responsible for all activity on the account.  Even if your spouse has made most of the purchases on a joint account, you are responsible for the charges as well. You can put a freeze on any future charges on your joint accounts to stop your spouse from accumulating any more debt. If one spouse is an authorized user on an account in the other spouse’s name, that may be a bit easier to handle. The authorized user’s name can simply be removed from the account to avoid any further charges.

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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