Compiling a list of all your liabilities – including all loans, mortgages, and other debts – is an important aspect of preparing for your divorce.
During your divorce process, when you start to make a list of your liabilities or debts, make sure to include all of the following items owed by you and your spouse – both individually and together.
- Loans: including car loans, educational loans (for tuition), personal loans, business loans, promissory notes, and lines of credit
- Financing household equipment: including appliances, electronics, furniture
- Mortgage(s)
- Home equity loans or balances on home equity lines of credit
- Credit-card debt: including bank, department store, and gas cards
- Back taxes owed
- Professional debts
- Business liabilities
For each debt, include information about whether the liability is joint or separate (if the latter, who is responsible for it), how much is still owed, the interest rate, and repayment details (including monthly payment amount and due-date, and the term, if applicable).
For more information about debt and divorce, please go to www.divorcemag.com/debt-and-divorce.
