Dividing your debts A divorce will force you to do some harsh thinking about paying the bills. When you plan to divide assets, you and your spouse can agree to pay off specific credit card bills with some of your funds, giving you both a much-needed shot at a clean slate. Talk to your lawyer about dividing debts in a manner that considers disparities in income, expenses, and the person responsible for specific debts. Giving up the family abode is a painful thought, but unless you're wealthy, it could be difficult to manage the expense. If you keep the home now and financial pressures force you to sell in a few years, you'll be solely responsible for the real estate costs, which can run into tens of thousands of dollars.
Legal experts say that it's easier to sell sooner, rather than later.
By working out an agreement with your spouse, you can share transaction costs and even use some equity to pay off debts. Inc. All rights reserved.