Many spouses considering divorce have concerns about the financial ramifications of the split. Divorce can be costly, and divorce expenses can grow even more if you make financial mistakes along the way. Knowledge is power, and thankfully, when you know what to look out for, you can minimize the amount of money you spend in the process of getting a divorce.
Not Realizing That Marital Debt Becomes a Shared Responsibility
Many couples carry the weight of debt together. In many cases, two partners will come to an understanding about who is responsible for what percentage of the marital debt. However, when spouses decide to get a divorce, casual agreements do not always apply in the eyes of the law.
For instance, imagine that you and your partner verbally agreed that you are responsible for 20% of the debt and your spouse will take care of the 80% remaining. Unfortunately, this type of agreement is not enforceable by the court. If your spouse fails to hold up his or her end of the bargain, creditors may come after you for payment. Paying off debt before the divorce is finalized can help mitigate this financial stressor.
...