Can You Divorce Away Marital Debt?
Dividing marital debt can be one of the most challenging parts of the divorce process, as spouses often disagree about who should be responsible for debts like mortgages, loans, and credit card balances. Determining if the debt is marital or separate is the first step, with debts acquired during the marriage typically shared, regardless of whose name is on the account. If an agreement can’t be reached, a judge will divide the debt based on factors like asset distribution, marriage duration, and each spouse’s financial situation.
Financial Security after Divorce
Financial security after divorce is essential to ensure a stable, independent future, especially if you were not the primary breadwinner. Establishing a post-divorce financial plan, which includes setting up separate bank accounts, building credit, and opening insurance policies, can help you navigate this new chapter with confidence. This is particularly vital if you have children, as budgeting for their needs on a single income may require careful financial adjustments and planning.
Preparing for Divorce: Getting Finances in Order
Finances during marital dissolution can be one of the most difficult aspects of the process, and many people fail to take appropriate steps in order to maintain financial security after the divorce is finalized. The most important step to finding financial stability after divorce is to speak with a qualified family lawyer, who can help you to […]
Credit Card Debt and Divorce
When you are going through a divorce, financial concerns may feel like the last thing you want to consider. After all, when your family and emotional life is crumbling around you, dealing with credit card debt, mortgage payments, and property division can seem almost overwhelming. Dealing with financial issues, however, is one of the most important […]