Divorcing? Prepare to deal with debt
One of the main factors people cite when they are divorcing is money problems, whether it is the stress of not having enough or the fights over spending habits. These can be divisive issues that two people cannot resolve and they ultimately decide it is best to divorce.
However, money doesn’t just play a role in many people’s decision to divorce. It can also have a considerable effect on the legal process itself as well as each person’s life after divorce.
If you and your spouse can find a way to be fairly amicable, you may be able to minimize the cost associated with the divorce process by going through mediation or collaboration. It is the long, bitter, drawn-out divorces that have the potential to result in huge legal bills and court costs.
After a divorce, you will need to adjust to new financial limits. Instead of one household being supported by the income of one or two people, there are now two households that are supported by that same income. You can take on extra costs when it comes to finding a place to live, getting day care for the kids and perhaps buying a car.
It should also be noted that in a divorce, existing debts can be divided which means you can take on financial obligations you may not have been prepared to take on.
All this can take a huge financial toll and it is not uncommon for people to struggle during the transition out of being married. In some cases, it is possible to handle or recover from these financial hits; in other cases, they can prove to be disastrous.
If you are considering divorce, getting divorced or have recently gotten divorced, we can help you understand your options for tackling the debt you may be dealing with. Our lawyers can explain how you may be able to minimize the financial fallout of divorce and avoid costly mistakes that could make matters worse. To learn more about our approach to debt and divorce, please visit our firm’s website.