Financial Stress and Divorce

The number one reason for marital stress links directly to the subject of finances. With the current economic climate, this is causing even more stress and more divorces are on the horizon.

Often times, a couple that is having financial problems will think that the answer to their problems is divorce. Each spouse is likely to believe that the other is mostly responsible for the money problems. This belief may or may not be true. One should keep in mind that you can divorce your spouse, but you can't divorce the debts which were created during your marriage.

In the eyes of the law, both spouses are responsible for the debts incurred during the time of the marriage. A divorce settlement will divide up the debts, assigning responsibility for some to one spouse and some to the other. But that divorce settlement is between you and your ex-spouse; it doesn't bind the creditor, who can collect the debt from either one of you.  If your former spouse doesn't pay his or her share of the debts, the creditor can come after you for payment. Additionally, if your ex files for bankruptcy after the divorce, the creditors will look to you to satisfy those debts. If you were barely making ends meet before that happens, your spouse's bankruptcy could send you into filing a bankruptcy as well.

If you are having marital problems and need a consultation with an experienced Riverside divorce attorney, feel free to contact us immediately to ensure the correct actions are taken to resolve the matter. Call us today at 866-902-5290.