Money can be a major stress problem in relationships. It is believed by some people that divorce is the solution for money problems. While each spouse might blame one another for their money issues, it is important to realize you cannot divorce the debt that occurs during marriage.
Both spouses are responsible for the debts that occur during marriage and the divorce settlement will divide up the debt. The settlement is between you and your spouse, and it does not bind the creditor collecting the debt. If your ex-spouse doesn’t pay his or her share of the debt, the creditor can come after you for payment. If money is tight between you and your spouse, your spouse’s bankruptcy can put you in bankruptcy as well. It may be a better idea to file for bankruptcy before getting divorced so you know where both of you stand as you should be able to work together and communicate in order to accomplish this. The last thing anybody wants is a bill collector knocking on their door, so if you’re concerned that your former spouse may or may not be filing for bankruptcy, it is imperative to give your attorney a call to seek professional advice.
If you are stuck in a predicament similar to this and have questions regarding the divorce process, please feel free to call Simonetti & Associates. We are specialized in dealing with these types of cases, and it is in our best interest to help the divorce process go as smooth as possible.
Voted Long Island’s Best Divorce Lawyer with over 30 years of experience in Divorce, Child Custody, Adoption, Same-sex divorce, Pre- and postnuptial agreements, Father’s rights, Separation agreements, Protection orders and Meditation. To help keep your legal costs at a minimum, call (877)-385-2560.