Credit Card Debt in a Divorce?

How does credit card debt get divided in a divorce? What if 1/2 of the initial total is debt that was aquired before the marriage? How does that get hashed out??

Also, is the mortgage payment divided until the home is sold if neither of the two parties wants to stay %26amp; buy the other out?

Credit Card Debt in a Divorce?

Generally you have 2 options in a divorce- either you cash out everything like 401K and retirement accounts - sell the house and add up all debt and then everything is shared half and half

or

you try to figure out what balances and assets were there prior to the marriage and only divide up what was aquired during the marriage and dived that 50/50

As far as the house payment - until it is sold you would both be equally responsible for the upkeep and payments... just like everything else!

talk to your attorney and see what would be best for you. Sometimes it is well worth keeping some debt if that means you are allowed to keep your retirement and savings...so without knowing the whole financial situation it is really hard to tell!!!

Credit Card Debt in a Divorce?

Guess these would be questions for your lawyer.

Credit Card Debt in a Divorce?

if you can prove which debt belonged to whom before the marriage, then you can negotiate that part, otherwise the debt will be split evenly between the two.

as for the mortgage, yes that is how it will be handled. It is to your benefit in this case to sell the house ASAP. That means that you price the house to sell so that it is paid for and you don%26#039;t worry about any profit. Profit will just be gravy if you get it.

Credit Card Debt in a Divorce?

half/half that%26#039;s how I see it. think about do you love him or her before you get a divorce no body is perfect honey

Credit Card Debt in a Divorce?

as far as the credit cards go, if you don%26#039;t have a prenup outlining who pays for what, you may be on the hook for everything owed. if the cards are in his name only, you should be okay. if he converted any from his name to both of your names, you are stuck. same applies to you. as far as the house goes, that is up to whatever agreement you two come up with, hopefully in conjunction with your attorneys.