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Do not ignore debt during divorce

In Kentucky, approximately 13.2 percent of the population has gone through a divorce. The rate is particularly high in Lawrenceburg where the divorced population reaches 22.2 percent

People who have gone through a divorce would likely tell you to make sure you get all the assets you deserve. However, it is equally as important to place an emphasis on the division of debt. You, your spouse or both of you may have accumulated debt over the course of the marriage, and you want to make sure you do not have to face more challenges than you have to.

Protect yourself against further debt

After you file the initial paperwork, you want to make sure your household does not amass any more debt. If you and your spouse have a joint credit card, then your spouse could rack up more debt because he or she knows the court will split it. You should close any existing joint bank and credit cards accounts after filing. 

Account for every single debt

When you and your partner have debt, it is inevitable that you will be on the hook for some of it. You need to gather information about every single debt you own, whether it is credit card debt or a mortgage on a house. Failing to account for all this can lead to immense financial troubles down the road. 

Determine what is separate and marital debt

Debt acquired by one spouse prior to the marriage will typically remain with the single person after a divorce. However, you will want to clearly outline to the court which debt is separate and which debt occurred during the marriage. This is why so many people benefit from having a prenuptial agreement. This document should outline what each spouse's debts and assets were prior to the marriage. You never want to overlook debts because they are just as vital as dividing marital assets.

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