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Debt and credit important factors re property division in divorce

According to financial expert, Suze Orman, couples should pay close attention to the other's credit score before deciding to marry. Ignoring some important indications while dating and in the early years of a marriage may wind up costing both spouses during property division if they later file for divorce. Colorado residents who are facing an impending divorce may have concerns about how their spouse's debt could impact their finances.

One of the biggest contributing factors in a divorce involves disagreements over money. As such, couples are encouraged to have serious discussions over their approach to finances as well as the state of their own personal financial well-being. Orman takes this advice one step further and urges each partner to have an open discussion concerning the other's FICO score and credit history. If one has a poor credit rating, Orman recommends the relationship not be pursued.

During the early stage of a relationship, cues to poor money management may be missed. Some of these clues may include excessive shopping, leaving generous tips and regular visits to gambling establishments. However, sharing credit reports may allow the other party to get a more complete picture of the partner's finances.

Other financial professionals state that a poor credit rating need not deter someone from entering into a relationship as long as they can see eye to eye on how to manage money and debt. Failing to take these things into consideration may become a financial nightmare in a later divorce, especially if one spouse is forced to be responsible for a portion of the other's debt during the property division settlement. Colorado residents who plan to file for a divorce may benefit from the guidance and experience that a knowledgeable attorney can provide.

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