Many will begin this tactic of “Got ‘Cha First, Sucker” when divorce is only being discussed. Unfortunately, men have been sucker punched with these bills in divorce court. Being too kind now could see you filing for bankruptcy later.
Now is a good time to go for an equitable distribution of the debts – and if you have a way to pay the debts, do it now.
You can offer to assume more of the overall debt in exchange for a greater share of something else you want as property is divided.
You can let your spouse assume more of the overall debt and they will then get a greater share of other divide property.
If you agree to share debt responsibility jointly and equally, it could come back and bite you in the back. You are putting yourself behind a big financial 8 ball. You are going to be legally responsible for the entire debt if that Trust you are putting in your Honest Spouse turns to brass. Even if they sign an agreement, they can walk out high and dry tomorrow and leave you holding a big fat goose egg. This is known as the Hell Hath No Fury Like a Mad Ex move.
You need to split all of the tax deductions and benefits. Make a plan and put it in writing about who is taking exemptions for the children and claim Head of Household. Find out about attorney’s fees and if any are deductible. Find out if there is any way to make maintenance and child support tax deductible.
Hammer out maintenance and child support payments and plans.
You are entitled to half of your spouse’s retirement money and it can be split during the divorce.
If there are large sums of money involved or your Trust in your spouse is sinking fast, you might consider hiring a forensic accountant to search for any hidden or missing funds.
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