How to protect yourself from past marital debt

If you are embroiled in a contentious divorce, your primary goal is get out of the marriage as quickly as possible with all the property and assets you are entitled to. For those with a considerable amount of debt incurred, bold promises may be made to make a particular spouse whole or relieve a spouse of debt. After all, dealing with credit card debt, medical expenses and other financial obligations can be difficult after a divorce. And let's face it, some vindictive spouses just want to make their exes life difficult .

Because of this, divorcees must be proactive in preparing for their post-divorce lives. This post will provide a couple of helpful tips. 

Know what you owe - Information is the name of the game when preparing for divorce, so it is critical to learn about all debt you may be connected to. This includes mortgages, car loans and credit cards that list you as a borrower or co-borrower. Remember, it is not uncommon for spouses to find that their soon-to-be ex took out loans without their knowledge.

Make you can afford your home without assistance - Some divorcees, especially those who no longer live in the family home,  want to have their names taken off the home's title. A quit claim deed can do this easily, but the mortgage must be refinanced in order for the exiting spouse to be freed from the financial obligation. If you want to stay in the home after the divorce, you have to be able to afford it on your own.

The preceding is not legal advice, but an experienced family law attorney can help you establish protections from past marital debt.

 

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Rachel Rall, Attorney at Law, P.A.
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