Divorce and Financial Stress

Financial stress in a relationship is very often the reason couples get divorced. With the turbulent economic climate, this is causing even more stress and more divorces are appearing on the horizon.

When a couple is having financial problems they often think the answer to their problems is divorce. Each spouse is likely to blame the other for the problems. This belief may or may not be true. One should keep in mind that you can divorce your spouse, but you can't divorce the debts which were created during the marriage.

In the eyes of the law, both spouses are responsible for the debts incurred during the time of the marriage. A divorce settlement will divide up the debts, assigning responsibility for some to one spouse and some to the other. But that divorce settlement is between you and your ex-spouse; it doesn't bind the creditor, who can collect the debt from either one of you. The creditor can come after you for payment if your former spouse doesn't pay his or her share of the debts, Additionally, if your ex spouse files for bankruptcy after the divorce, the creditors will look to you to pay those debts. If you were barely making ends meet before that happens, your spouse's bankruptcy could send you into filing a bankruptcy as well and this may not be what you desire.

If you are having marital problems relating to finances and need a consultation with an experienced divorce attorney feel free to contact us immediately to ensure the correct actions are taken to resolve the matter. To find a divorce lawyer near you, click here to search our family law attorney directory.