How to Divide Debts After a Divorce
One of the most difficult tasks to accomplish during a divorce is to split the debt the married couple accrued during their marriage. Sorting out the various debts and splitting the cost between both parties is done so that neither individual has to shoulder the entire burden of debt and attempt to pay it off with only one income. This is especially helpful for divorced couples who have children so they can avoid becoming over-burdened with expenses.
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Instructions
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Divide all of the debt into different categorical piles such as credit card debt, personal debt and utilities or other bills and expenses. Getting organized will help both individuals to come up with an accurate total of what is owed and who is responsible for which debt.
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Go through the personal debt pile first. These debts or bills belong to only one individual. Both individuals need to take responsibility for their own personal debt without raising any concerns or disputes.
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Go through the utilities pile next. Calculate the total owed on utilities. This total should be evenly split down the middle, with each person paying half of the bill. These were bills both individuals were responsible for during the marriage.
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Divide up the credit card debt. If an individual used a credit card to purchase an item, that person is responsible for paying the amount due for that item or else the item goes to the individual paying the debt. Try to split the debt by looking at who purchased what items or services with the card and making that person responsible for their own debt. If the individual is unwilling to pay his part you may need the help of a mediator to help make sure the debt is split as evenly as possible.
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Put the debt division and payment schedule down in writing. Putting this down in writing and having it witnessed will make the writing a legal document so that both parties are legally bound to keep their end of the debt division and payment.
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References
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