Separating from your spouse is a complicated and taxing process, especially when you start to get into the financial aspect of it. Understanding that debt and divorce go hand in hand, and why they do, can help you do your best to avoid winding up in the same position. The team at O'Keefe Family Law wants to provide you with a few of the reasons that this happens so that you can do your best to keep it from happening to you.
You Can’t Divorce Debt
For better, for worse, and for all of the debt that you’ve acquired at the moment of your vows – debt can’t be divorced. Though you may leave your spouse and end the marriage because of money problems, they remain your problems as a unit even after a divorce.
Any debt that was built up during the time of the marriage is not the responsibility of one individual, but rather is something that both parties will have to take care of even after the divorce.
Now, these debts that you had acquired throughout the divorce may be divided up throughout the process of the divorce, but this agreement that is made at the point of the separation is one that is made by the two of you. In the case that the spouse responsible for the payments to a specific debt does not pay, that does not mean that you too could suffer the consequences.
Bills Add Up
When tensions get high, financial situations can get worse. With everything going on surrounding the divorce it is easy for bills to get forgotten or build up. This doesn’t go to say that the fees associated with a lawyer and the other expenses associated with the divorce don’t add to the financial stresses as well
One of the best things that you can do is to stay on top of your finances and figure out a way to go about paying for your bills with your ex-spouse in the meantime. Finding a way to keep on top of your payments – that you both agree upon – will ensure that you both don’t wind up in more debt and that you don’t have to worry about these times hurting you beyond the process of the divorce.
If you’re worried about what we just mentioned above happening to you, one of the options that you have available is the chance to file bankruptcy. This isn’t always what people want it to come down to, but it is usually the best way to ensure that the debt that is acquired during that marriage doesn’t come back around to hurt you.
Don’t let the decision to divorce your partner take control of your financial security. At O'Keefe Family Law, we do everything that we can to provide our clients with the rights and results that they deserve. Reach out to us today if you have any questions about your debt and how it will affect you in the divorce. We are always happy to help!