Spouse’s Debt: How Do You Deal With It?

Why do couples need to sit down and talk about their assets and liabilities during the divorce? Without legally signed documents concerning the separation, it would be impossible for couples to move on with their lives with financial freedom. All the decisions that the spouses make during the discussions about the divorce can make or break the future that one spouse has planned for himself or herself and maybe even the children. The debts need to be settled before the assets are fully divided and decided on who’s getting what.

Is it safe to not have a legal separation agreement signed? For couples who have little to no debt at all, it could work. It could save them time from unwanted discussions about money. However, if there is a huge amount of debt incurred either by the husband or the wife, such issues need to be talked about. Unless an agreement is signed, the debts of your spouse can significantly affect your financial stability, even after the divorce. If you don’t’ secure your finances today, you might just lose everything.

Did you know that if your spouse files for bankruptcy, and you still didn’t sign the separation agreement, all your joint assets will become available to the bankruptcy trustees? They will become liquidated to pay off all the debt that your spouse has incurred. It may seem like the emotional toll that comes with the process of divorce is already too much until you find yourself in a lot of financial stress.

Save yourself from all the trouble and talk with a divorce lawyer today. They can help you carefully plan your finances today to make you financially secure in the future. They can provide you legal assistance in drafting the separation agreement not only to protect yourself from becoming financially dependent, but it can ensure that the children do not have to go through more stress after the divorce. With the lawyer, you can sit down and discuss financial option for you and your spouse and exhaust all legal means possible to pay off debt without leaving you with more to worry about.

In a separation, when it seems like debt has become unmanageable and finances appear to fall apart, there is only one thing you can turn to. Educate yourself of your options. Talk to a divorce lawyer today.