In Utah, there is an equitable distribution of property. However, what about the debt involved? It can be difficult to manage debts in divorce. Having a family law attorney by your side can be beneficial in such scenarios. A family law attorney specializes in working through your problems during a divorce. They will tell you how you can preserve your rights. If there are credit card debts involved, you should know how it can be divided between the spouses.
A reputable Sandy divorce attorney will prepare you for these things beforehand.
Key points to consider in managing credit debts –
- Healthy communication with your partner.
You can discuss this with your partner. Try to have clear communication and find a middle ground. Coming up with a solution that will be equally beneficial for both. You must discuss the matter with your partner during the divorce. The division of debt will be more beneficial for both parties. This way, the burden will not be only on one of the spouses.
- Agreements in the divorce settlement.
Agreeing beforehand can be beneficial. You can include that the credit card debts will be paid equally by both spouses. If you think some debts are supposed to be paid by only one party, you can include that, too. This will help you in the long run. If the communication doesn’t work out, this might work out for you.
- Hire a professional
You can consult somebody who is known for managing credit card debts. A financial advisor may prove to be helpful in this case. Contact them and tell them about your debts in detail.
- Shift to individual account.
Once the debts are divided, close the accounts that you both were using. Shift to your account. Do not use the joint one anymore. This will save you from any further debts that may be collected. Moreover, get your balances shifted from joint to personal as well. This should be done during a divorce settlement. Stay updated on your accounts, and make sure that joint accounts no longer exist.
- Focus more on paying debts after divorce.
After divorce, plan to pay off debts; you can create a budget and pay off your debts first. Manage your expenses and focus more on paying off your credit card debts. Look for options to get your interest rates lower if possible. Talk to different creditors and explore your options. This will help you to manage your debt after divorce.
- Payoff debts that have high interest first.
After divorce, you should start paying off your credit card debts. However, you should begin with the ones that have a high interest in them. This will save you from any further accumulation of interest charges on your debts.
