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HomeBlog Divorce DebtWhat Happens To Debt In A Divorce?
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What Happens To Debt In A Divorce?

June 29, 2013 by National Debt Relief

how national debt relief can help with debt in a divorce
tips on what to do with debt in a divorce

You may not want to go through a divorce but it can happen. In fact, you can have a divorce even if you don’t want one. Your spouse could decide that he or she no longer wishes to be married to you and file for divorce. In any event, it’s useful to know what would happen to your debts in the event that you did divorce

The way assets are handled

Debt is handled in a divorce much the same way that property is handled. What this means that everything depends on the state in which you live. There are community property states and equitable division states. If you live in one of the nine community property states, all the assets and debts you accumulate after the marriage are to be split 50/50 – a least in theory. If you live in an equitable division state, it’s sort of kitty bar the door because all at your assets and debts will be subject to negotiation and or may eventually be settled by your judge.

What you agree to

If you do live in an equitable division state, how your debts will be handled basically boils down to what the two of you agree to – or what the judge orders. If the divorce is fairly amicable, the two of you may be able to simply sit down and divide your debts 50/50. For example, you might agree to take responsibility for paying off a personal loan while your spouse agrees to pay off your credit card debts.

Four ways to handle your debts 

If you live in a community property state, your lawyers and the judge will attempt to split your debt 50/50. On the other hand, if you live in one of the 41 equitable division states there are four ways to handle a couple’s debts. First, you could agree to take responsibility for all your debts. Second, you might say you would pay off all the debts with the stipulation that you would get more of the assets. A third way to handle debts is for your spouse to take full responsibility for them in return for which he or she would get a larger share of the assets. And, finally, the two of you could agree to take equal responsibility for your debts.

Credit card debt is different

It’s important to understand that credit card debts are different from other types of debt. The reason for this is because credit card debts will survive your divorce. To put this another way, if your spouse were to agree to pay off your credit card debts but then didn’t do so, the credit card company could and would come after you – regardless of the divorce agreement. You could be happily on the road to a new, debt-free life only to learn that a credit card company was coming after you for the thousands of dollars that your ex-spouse had supposedly paid off.

Debt at any time in your life can be tough, but when couples with debt, it is especially difficult. Use these tips to figure out how to deal with debt in a divorce and get your finances back on track.

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Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/24/2021 Charlotte: Our call is recorded. How did you first hear about National Debt Relief? SABAD: Oh, I was just Googling, “How do you solve for debt collection?” And this is what comes up in the research. Charlotte: Was there any particular reason that you selected National Debt Relief as opposed to the others that came up as well? SABAD: Honestly, no. There's no reason. I just thought this was the best. Charlotte: Tell me about the service that they provided for you. SABAD: The service they provided was getting like, “You have 24 months to 42 months to get debt relief. This is how much you have to pay. You have to [reapply 0:01:19]. We can contact all the credit --” All the details they gave me, actually was knowledgeable. And I talked to one of my coworker, and she told me she did it like a year ago. I'm like, “Oh, I just signed in.” And she's like, “Yeah, they're the best.” Charlotte: What did you think about the enrollment process as far as how easy or difficult would you say it was? SABAD: I believe it was easy. I don't think it was hard. Anybody can do it. Charlotte: Do you remember the name of your negotiator? SABAD: Yeah, I think it was Oscar. I don't remember his last name. Charlotte: Is there anything about him that stood out and impressed you at all? SABAD: The way he explained to me, how he gave me the explanation. He didn’t put me in a pressure. He say, “Hey, take your time.” He gave me like three days to enroll. He say, “Hey, I’ll give you three days. You can go and research. Here’s my telephone number. Here’s my fax.” The way he provided all of it, that’s what made me say, “Hey, I think I can trust these people and do it.” Charlotte: How comfortable did you feel working with National Debt Relief through this whole process? SABAD: 100%. Charlotte: Is there anything about your negotiator that really stood out and impressed you? SABAD: Everything he did impressed me. Charlotte: Is there anything about this process that you would have liked to have seen handled differently? SABAD: Maybe quick -- but I believe it depends on your budget and the time, so I think they're trying their best. But everything’s take a long time. So, I don't wanna be [unclear 0:03:20]. Charlotte: If you had to rate this experience on a scale of one to five stars, five stars is that you would recommend to friends and one star is you're pretty dissatisfied, how would you rate? SABAD: You said 5 is the what? Charlotte: Five is the very highest you could rate them. SABAD: I will say actually 5. My opinion, I would say 5. Charlotte: Would it be okay if I posted your comments as a review on our public website for National Debt Relief? SABAD: Absolutely. Charlotte: I have you at sabadsamatar2014@gmail.com. SABAD: Yes. Charlotte: How would you say that working with National Debt Relief has impact your life? SABAD: It’s impact everything the last two years. I don't think I would survive without them. Whatever happen right now, to me, especially when COVID happened, I'm like, “Thanks, God.” It was the right time for me. I think God opened a door, say, “There we go. This is your right door that I opened.” Charlotte: We’re recorded.

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