Eidelman & Associates Things to know about Divorce Mediation | Page 12

It is vitally important that debt settlement issues are sorted out before the divorce proceedings
and the paperwork actually goes through. Bankruptcy from an ex-spouse can ruin any financial
future an individual may have moving forward with their live, so it is best to go through the
process before the divorce is official. That is why it is advisable to transfer the name of any
debt during the separation onto the party that ran it up. This will potentially create some
tension to an already difficult situation, but it does need to done to ensure the financial safety
and responsibility of each party. So divorcing couples should transfer balances to other credit
cards or consolidating the balances with yet another loan. It is a difficult conversation that is
vital though. During divorce each party must take into account their own futures.