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Handling debt during your divorce

For many married couples in New Mexico, money can be a common source of woe. Many a marital argument has involved finances. For some couples, financial troubles can become so severe that they even contribute to the irrevocable breakdown of the marriage. When this happens, one of the things people must find a way to do is split up their debt.

Money Management International explains to spouses that it is in their best interest to find ways to address any debt they have together prior to initiating their divorce proceeding. This may involve paying off any debt that can be paid. It is not wise to rely on a divorce decree to protect a person against debt down the road. This is because creditors consider any joint debt the liability of both parties regardless of the stipulations in a divorce agreement.

If spouse A agrees to pay a certain credit card balance in a divorce document but then fails to do so, the bank can still pursue payment from spouse B. Spouse B may be able to legally seek recourse from their ex but this likely comes at a cost that may or may not be worth it.

Fox Business recommends that couples either cancel or freeze credit accounts as soon as they make the choice to get divorced. This prevents any debt from adding up further. It may also be helpful to transfer joint debt into accounts in one person's name only once the decision is made about who will be responsible for that debt.

 

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