Going through a divorce can be emotionally devastating for everyone involved. Partners and their children will have their lives shattered by the loss of trust and security resulting from such a brutal decision. Not only can a divorce create an emotional toll, but for most it will leave a financial scar, as well. In fact, a recent article by Erica Sandberg on CreditCards.com discusses the hard truth about divorce:
Breaking up is not only hard to do, it can be brutal on your finances.
Legal fees and creating two households from one are just the initial costs of separation. And while some expenditures are necessary, others can be emotionally charged and careless and can lead to serious debt.
Here are seven common ways divorced couples can get into big financial trouble after a split:
- Ignorance. While a divorce decree may specify who is to pay what account, it carries little weight with lenders.“The most frequent mistake of all after divorce is assuming that because the ex has been the one ordered to pay back the debt in the divorce, they are off the hook for it,” says Lisa Decker, an Atlanta-based certified divorce financial analyst. “Most people do not understand that courts do not have the authority to make creditors abide by a judge’s orders in adivorce.” If possible, delete jointly held debts before leaving, then close all cosigned accounts…Read More
Divorce happens, but it doesn’t have to be inevitable. With a commitment to communication and the guidance of a marriage counselor, even the most difficult marital problems can be overcome.
