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Credit card debt and divorce

As California residents might know, credit card debt during a divorce and afterward may become difficult to manage. This is especially true when an individual's debt is compounded by unforeseen expenses for children who are spending time with each parent. There are steps that might make it simpler to decrease spending and save money.

During the divorce process, marital debts and assets will be divided by the court unless the couple can otherwise agree. It is a good idea to keep track of debts held individually and as a couple. For someone who managed the home or did not hold a job, it may be wise to establish credit. Since many individuals hold more than one credit card and, in some cases, have several with various amounts of credit card debt, it might be wise to merge that debt, so there is only one bill to pay each month.

An ex-spouse who has less income but is receiving child support or alimony payments and working may want to spend less in order to save. Sometimes, problems occur with spousal or child support payments, and it may be necessary to enforce those agreements.

Knowing their credit scores at the end of a marriage might tell estranged spouses whether they will have problems obtaining credit after the divorce is finalized. An individual in the process of divorce who does not have a credit card may wish to obtain one.

There are many legal matters to deal with during the divorce process, and property division is often one of the more contentious ones. In some cases, a family law attorney can assist a client in negotiating a comprehensive settlement agreement with the other spouse that addresses this issue and which can be approved by the court.

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