The divorce process involves taking a close look at the estranged couple's financial lifestyle. Debt that has accumulated over the course of the marriage and throughout the separation will need to be divided, paid or be placed in a reasonable payment arrangement. According to Financial Web, before the divorce decree can be finalized, all unpaid debts or accrued debts that occurred throughout the marriage will have to be settled in court as to which party will be financially responsible.
Step 1
Obtain a merged credit report from all three major credit bureaus free of charge through the website annualcreditreport.com. The website allows you to choose which agency you want to pull---TransUnion, Experian or Equifax. Look for unpaid debt that was opened throughout the course of the marriage or during the separation. Highlight these amounts and gather the account statements.
Step 2
Take the exact account information when you meet with your attorney or a referee of the court. The attorneys of both parties will begin to mediate responsibility for this debt. Most debt is split 50/50 although other aspects of the marital estate are always considered. Be prepared to state your case if your spouse refuses to pay all or a portion of the debt you owe as a couple.
Step 3
Present a valid counter claim of why the other spouse should pay. This should be done through your attorney before you have to go to court to settle the divorce. A valid counter claim may be frivolous spending by the other spouse or purchasing personal items that were not related to the marital household or were in some way unwarranted. Include previous credit card statements as to exactly what the spouse purchased with the card---it is important to provide proof. If the debt is several years old, you may have to contact the credit card company for an itemized list of transactions or utilize old bank statements to prove you made the payments.
Step 4
Provide a reason as to why you can't pay off the account. This could be because your spouse earns more money or because you do not have sufficient income to pay off the debt or make the monthly payment.
Step 5
Agree to a satisfactory solution by negotiation. Make sure in the divorce settlement that the judge rules a specific time frame in which the account must be paid off by the other spouse. It may be difficult to get your name removed from the debt but the court order will mandate that you are no longer responsible should the other spouse fail to pay off the debt in the allotted time frame.
Things You'll Need
- Copy of both spouse's most recent credit report or joint credit report
- Most recent account statement from all open credit card accounts
- Bank statements or proof of payment of credit payments
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