Divorce Dex.com: Creditor

Definition Creditor - one to whom money is owed.

Application in Divorce Upon divorce, most spouses have debt they must pay or divide. Upon court order, it is the responsibility of the divorcing parties to notify each creditor. This is typically done with written notification, and it includes an attached copy of the final divorce decree or judgment. Some states have standard notification forms in place, while other rely on the parties to follow the creditors preferred instructions. Either way, the goal is to remove the appropriate spouse’s name from the debt, so he or she is no longer obligated to pay it.

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#64: Beware of hidden assets. It is an ordinary occurrence for the spouse who wants the divorce to begin hiding assets for financial security before asking for the divorce. Often the primary concern for anyone divorcing is financial comfort and most will do anything to secure it, legally or not.

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