After the first few years following divorce, the standard of living for both spouses usually drops. During the marriage, both incomes were supporting one household – now they are supporting two. Divorce is a stressful situation; however, there are ways you can prepare yourself for your post-divorce financial future. · Develop a budget on necessities… Continue reading →
Posts Tagged ‘debts’
Divorce and the family home
Keeping the family home can be quite challenging during divorce, especially if the parties have little or no equity in it. Once upon a time, families owned their homes outright without any mortgage payments. Today is a different story – many mortgage payments cannot be made or worse, homes are in foreclosure. Today’s economy has… Continue reading →
Spouse refusing to pay the joint debts
Is your spouse refusing to pay his or her share of the credit card debt? If this was a joint credit card, look out, the credit card company will come to you for payment. Even though your spouse has an official legal order to pay off certain debt, the account will remain in both of… Continue reading →
Protecting your assets before, during and after a divorce
Depending on a couple’s finances, a divorce can be financially crippling to both parties. Knowing what to do can help protect you financially. A pre-nuptial agreement written by the couple before marriage details the division of assets in case the marriage ends in divorce down the road. In most cases, it does not cover child… Continue reading →
Divorce and property division
Property division is about everything you and your spouse own. It is divided into real property and personal property. Real property includes your home and any land you own – while personal property includes almost everything else, such as furniture, clothes, pictures, bank accounts and any other financial accounts you and your spouse hold together…. Continue reading →
Division of debts
A divorce is one of the most difficult processes that an individual can go through and it is made exponentially harder if the couple in question has children. Even if the couple has agreed to a mutual split, the effects of the divorce can have a negative impact on the entire family for years to… Continue reading →
Who is responsible for taxes in a divorce?
Going through a divorce is stressful enough without having to worry about paying a joint tax bill. It is important to bring up the matter of taxes during the divorce process; make sure the tax debt is separated at that time. You need to learn what your options are for ensuring that you pay only… Continue reading →
What happens to debt after someone dies?
When a family member dies and leaves debts, who must pay them? Family members, such as parents and children, are not responsible for the debt incurred by the deceased. The probate court will decide who is responsible. One of the first steps to be taken is to contact all debt holders and advise them that… Continue reading →
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