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Presented by Daniel Toriola If you are thinking about getting a divorce, or if you are going through a divorce right now, then you need to understand that divorce can drain you both emotionally and mentally. Click here to know more AwareINDIA Web Hosting Offers One Click Installations For Popular Open Source Software like WordPress, Joomla, Mambo, Drupal, PHPbb, OScommerce, CubeCart, Zen Cart, PHPnuke with our Fantastico Enabled Hosting Plans. More... Click here to know more Dealing With Credit Card Debt In Divorce By Trent Cohen It is always a major tragedy when a marriage ends in divorce. The breakdown of the family unit and the difficult adjustment for the kids (if there are any involved) is one of the hardest aspects about divorce. The difficulty of separating one house into two can be burdensome and tedious to say the least. You have to go from one checking account to two, two homes instead of one and separate accounts for everything from credit cards to utilities. This becomes a very difficult adjustment to make for the entire family. In any divorce situation there is a splitting up of assets between the two parties. This is likely to include credit card debt as well because this plays an important part in the general financial picture for many families today. To the credit card company, the family credit card is the property of that shared entity which was the marriage. So when the union dissolves, the transition, from a financial point of view, of your credit card accounts is one that does not happen overnight, and can be a very long, drawn out process. So one of the many issues that needs to be discussed and planned is how to separate the credit card debt. Whoever continues to hold the family accounts in their respective name will continue to get those bills, and that individual will be expected to pay them. Now the least preferable way to handle the debt is to roll the payments into any forced settlement agreement such as child support. When the divorce does reach a conclusion and becomes final, the amount of the debt and the payments that must be made could be calculated, and half of that total put into the amount that the income-generating partner must provide. But that leaves the management of the credit card debts to one partner while the other one just pays a set amount. Additionally, if the credit cards are used by either partner, the legal amount would have to constantly be adjusted, and that would prove to be a constant headache of administration. If the divorce is a shared responsibility so each spouse can work with the other to adjust the financial picture in an advantageous way, then how to separate the credit card debt should be part of that planning. Part of that planning is how to use shared assets to pay down the debt. You may have a home, retirement accounts or other assets that were set aside for the future of the marriage. An option to consider would be to close those accounts or sell assets, and distribute the funds equally. These monies can be used to retire the shared debt. How To Get Out Of Credit Card Debt Start getting out of credit card debt today with 7 Easy Steps to Getting Out of Credit Card Debt. Page 1 Presented by Daniel Toriola It's likely some of the debt load will live on past the divorce. In those cases distributing it into two individual accounts may be the best option. For example, if the family was carrying $10,000 in debt, if each marriage partner walks away with $5000 of the debt this would seemingly be fair and equitable. How each individual handles the split debt is up to them. There are two ways you can go about splitting the credit card debt. If the debt is with a credit carrier with whom you can negotiate and conduct a dialogue, getting a meeting or having a conference call with the managers would be productive. The credit card company would far rather negotiate with you on how to handle this debt load than deal with it chaotically after the fact. So the actual splitting of the credit card debt may be coordinated by the credit card company itself. But you can always use the method many of us have used to manage credit card debt up until now. Each of you could set up new separate credit card accounts. You no doubt have dozens of credit card offers you can use to initiate this process. In many cases, part of the set up offers for these accounts are balance transfers. So if you take out individual accounts and use the balance transfers to move each partner's share of the debt to those accounts, this may be an effective way to split the debt. Adjustments may need to be made to the 50-50 split idea based on many factors but especially on which partner generated the bulk of the household income, and which partner generated the actual debt load in question. But by negotiating the terms of how you are going to separate the credit card debt when you dissolve the marriage, you will be dealing in a mature and responsible manner within an already very tough and tense situation. You will find more information on managing debt as well as saving and managing your money better at http://www.money.bestdamnguidebooks.com . Trent Cohen invites you to participate in the blog and sign up for his Free Reports on all of these important topics. Credit Card Debt Relief Sells Multi-media info product on debt relief. Page 2 Presented by Daniel Toriola How to Rebuild Credit After Divorce By Tom Tessin Getting a divorce can be tough in many ways. Depending on the situation, you’ll lose half of your belongings, you’ll see your kids less, and let’s face it; it will really change your life. After living with someone for so long or even a little bit, it can be hard to make a change. The last thing on your mind is probably your financial situation. Most people find it hard to focus on anything including their health and job situation and while it’s easy to give up and just become a bum, it isn’t the end of the world. The majority of this world gets a divorce, so you’re not the only one and the best feeling in the world is to have a fresh start with everything, including your finances and if you find yourself in debt and you’re looking to re-establish your credit after a divorce, here’s what you do. Cancel all joint credit cards – The first thing you’ll want to do is cancel all of your joint accounts. This will include your credit cards, bank accounts, and anything else with both of your names on there. You’ll want everything in your name only. Get a job – If you were the member of the household not working at all, you’ll probably want to go out and find your own job. Even if you’re working under the table, you’ll want to get something that’s legit so that you can re-establish your credit. If you have something under the table, this won’t help reestablishing your credit. Get a credit card – If you don’t have a credit card in your own name, you’ll probably want to start looking for one. If you have shady credit, you may want to get a secured credit card. These cards are great for people looking to rebuild their credit. A secured credit card requires a deposit and this deposit will be your credit limit. If you don’t pay your card off in time, the credit card company can simply dip into your deposit account and take the money they need. Meet with your attorney – A divorce can be hard and if you already have an attorney for the process, you’ll probably want to ask him/her about your finances. Your attorney will be able to guide you in the right path when it comes down to paying off your debt. Consolidate your debt – Depending on how bad your debt is, you may want to get a debt consolidation company to work with you. These companies will be able to work with the credit card companies and help narrow down your debt. They work with the companies and try to work out a deal where you can pay a smaller but full amount. The credit card companies always want something in the long run, even if it’s half the bill. The main thing you need to remember when you’re going through a divorce is to keep your head up high and think positive. As I mentioned above, so many people want to give up but don’t be one of them. Instead, start fresh and start a new fulfilling life. Rebuild your credit and find more of Tom's work at http://www.findsecuredcards.com How To Get Rid Of. Eliminate credit card debt legally, morally, and ethically. Page 3 Presented by Daniel Toriola Related eBooks: How to Rebuild Credit After Divorce It Takes Planning To Get Out From Under Card Debt Credit Card Offers - Problematic Plastic Money Tips For Paying Off Credit Cards After a Divorce Investing In Debt Relief - Credit Card Debt Get more Free PDF eBooks at FreePDFeBooks.com Related Products: How to Buy a Car Without Getting Ripped Off! Disaster Preparedness and Crime Protection Manual Scams Exposed Web Biz for Beginners How To Get Reprint Rights Without Paying A Dime Malamaal.com: A genuine resource center for Quality Ebooks and Softwares This PDF eBook is for free Distribution only, it cannot be SOLD Easy Spyware Killer -Affiliates Earn 75% Earn 75% selling this software downloaded over 1 million times. Click here to know more Powered By FreePDFeBooks.com ReBrand this PDF eBook with your Name / URL / ClickBank Affiliate ID for Free You Can Beat Bad Credit! Bankruptcy Ok! EVERYONE QUALIFIES! NO CHEX SYSTEMS! NO CREDIT CHECKS! 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