How to determine your debts in a divorce

By July 30, 2020August 13th, 2020Divorce

How to determine your debts in a divorce

This is an on-going series on how to prepare for your divorce. So far, we’ve covered:

Getting your own credit card

How to tell your kids

Who stays in the house during the divorce

Who pays for the expenses during the divorce

How to determine your assets

Now, we turn to figuring out how to determine your debts in a divorce. This task is fairly easy compared to the other blog entries. You simply pull your credit report and it will tell you what you owe, to which company, and how the debt is held.

But Julie, that will ding my credit score. No, it won’t. That is an urban myth.

You can access your credit report once annually from each of the three credit bureaus without impacting your credit. Just go here: (Note: Do NOT go to is the only web site directed by federal statute that allows you three free credit reports per year).  Select the “Request Your Free Credit Reports” button at the bottom of the page. Or if you want a step-by-step guide, just click here and download it.

If you owe money to someone who is privately holding the debt, then that debt will not show-up on a credit report. However, 99% of your debt is shown on a credit report.

You will want to know how you hold your debt. Why? If it is in your sole name, it’s easier to manage. If it is held jointly with your spouse, we need to find a solution to get the debt out of one or both of your names, which may or may not be an easy task depending upon your unique situation.

If you still have questions and want to schedule a consultation, please click here to schedule a 30-minute consultation.

If you want to read more about divorce mediation in Oregon, you can download my book, Divorce Mediation in Oregon for free by clicking here.