It’s often unsettling for those going through a Wheat Ridge divorce that they can’t get a clear picture of their financial situation, as things are up in the air while the divorce is pending. It’s hard enough to split finances and budget, but add into that not knowing exactly how much you will be giving or getting through spousal maintenance (alimony) or child support and the task is seemingly impossible. While all that is undecided, there are some things you can do to at least protect your credit, setting you up for a better financial situation when the dust finally settles and you have a real understanding of your finances.
Debt, Lenders, and Divorce Decrees: Lenders Don’t Care How Your Jefferson County Divorce Split Your Debt
You need to understand that lenders and creditors don’t care if your Jefferson County dissolution of marriage agreement assigned the debt to your ex. If your name is on the loan or the credit card, you are still responsible for the debt in their eyes. Therefore, any nonpayment or late payments will negatively affect your credit. It doesn’t matter if you are the primary or just the co-signer – you are on the hook as far the lender is concerned. While the divorce is pending, you must continue to make payments, or verify that your spouse is making the payments to protect your credit score. Once the divorce is finalized, there are steps you can take to protect yourself.
Getting Out from Under a Loan After Your Divorce is Finalized in Golden or Arvada
Say your ex is required, through the divorce agreement, to pay off a loan that is in both of your names. Unfortunately, it is not as easy as calling the lender and asking to be removed. You were able to get the loan because of the specific circumstances you offered – like your combined financial situations. You can, though, go through the process of refinancing, which is an avenue to change the terms of the loan – possibly getting you removed from the requirements involved. The other option is to just pay off the loan. You and your spouse could choose to sell the asset in question and use the money to pay off the loan, which would remove both parties from the responsibility.
If you are looking for guidance through your divorce and making sure you are protected, contact the expert family law attorneys from the Pearman Law Firm at 303-991-7600 for a initial phone consultation.
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