Divorce: "Divvying Up" the Debt
In any divorce, financial matters can be the stickiest issue for couples to get around. When you carefully consider all of your debts without bias or hard feelings, the both of you can eventually reach an agreement that is fair to all.
Contacting an experienced attorney is the fist step in getting the best divorce advice for your particular situation. Next, you will want to make a list or spreadsheet of all your joint and individual debts, sorting them into three separate columns. Be sure to include the names of your creditors and the balances owed along with the account numbers. Prioritize which are the debts you will need to pay first, such as utility bills and mortgage or rent.
Once you have listed all your debts, assess your individual incomes. Whoever earns the most will naturally be better able to pay a larger chunk of the debt. This is can be a very crucial detail, particularly in the case of women and divorce, since they will many times be the ones to stay home and care for the children throughout their marriage.
Get a copy of both your credit reports. Decide which, if any, debts can be eliminated or paid off immediately. Be logical about how debts are assigned and try to be sensitive to your spouses future plans such as going back to college or starting a new business.
Finally, obtain information with regard to debt consolidation and bankruptcy (as a last resort).
Once you and your spouse have sorted out a fair plan, have your lawyer incorporate it into your divorce settlement or judgment of divorce. While there is no such thing as an easy divorce, staying civil and calm throughout the debt division process will certainly help to speed things along for the both of you.
Nathan Dawson writes for http://www.lifeaftermarriage.com a great online source for finance information.
Divorce - How to Survive Financially
When considering divorce and its financial consequences, it may at times seem hard to believe that anyone can survive it. Vengeful wives have been known to max out their husbands credit cards prior to a divorce settlement and deadbeat dads have been known to refuse to pay alimony and child support. The consequences can be devastating and nightmaris...
Five Steps Before Filing Divorce
Getting a divorce can be stressful and full of situations that are tremendously challenging. Without having some kind of divorce support, it becomes tempting to avoid dealing with it altogether, leaving the prospect of staying in an unhappy marriage as a festering thought in the back of both of your minds.Then the inevitable moment arrives when, as...
Can You Afford A Divorce?
Are you thinking about divorce? My best advice to you is to get your finances in order. Get rid of debt and do your homework to find out where you are financially. Nothing about a divorce is easy, but facing difficult financial changes may be the most challenging practical issue. Who gets the second home? How do you handle retirement plans now that...
The Importance of Choosing the Right Divorce Lawyer
Choosing the right divorce attorney may have a huge long-term impact when it comes to coping with divorce, as financial stress may be lessened if you receive sound divorce advice. Therefore, hiring a competent professional attorney can mean the difference between a low-cost divorce and drawn-out divorce proceedings that seem to have no end in sight...
How to Get A Divorce
While each persons situation is unique, there are steps to follow that are common to all in the event that you and/or your spouse decide to file for divorce. Here is some general divorce advice:Become familiar with the divorce processThe process of divorce results in putting a legal end to a marriage. Although divorce proceedings differ from one st...
How Quick is a Divorce?
One of the universal misconceptions about divorce is the idea that it will be over quickly. Then all the parties can get on with their lives as though nothing happened.In fact, your divorce can cost more money and take a longer time to settle than you ever imagined. For many couples, the whole process usually takes one to two years-even simple divo...
Protecting Your Assets In Divorce
Wisconsin law provides some financial protection for spouses who are in the process of divorcing. The law prohibits divorcing parties from doing the following:Harassing, intimidating, physically abusing, or imposing any restraint on the personal liberty of the other party or any child of either party;Encumbering, concealing, damaging, destroying, ...