Florida residents currently experiencing the difficult process of divorce can find themselves questioning how the dissolution of their marriage will affect their individual financial future. Couples who have overwhelming credit card debt while married, may find themselves dealing with the debt they accumulated as a couple on their own after the divorce is finalized. Fortunately, when credit card debt is an issue, during or after a marriage, bankruptcy may become a viable option.
Divorce is a common cause of bankruptcy. Some individuals take the brunt of financial responsibility once the divorce is final due to their own debt, or being attached to the debts of their ex-spouse. Being attached to debt after divorce can cause complications later when the newly independent spouse begins searching for a home or vehicle, or contemplates remarrying. To help alleviate financial stress and concerns, experts recommend following a few simple guidelines.
First, in an effort to stay on top of finances after a divorce it may be important to separate the finances of each spouse during the divorce. Additionally, being aware of one’s credit report can also help establish a base line as the process continues. Beyond awareness of the credit report is having a firm understanding of the debt totals and individual incomes. Finally, being prepared to rebuild credit or seek options such as bankruptcy is also important.
For Florida couples dealing with divorce, separating themselves from their ex-spouse and finding financial independence is incredibly important to rebuilding their life. When credit card debt is a barrier to gaining financial freedom from their spouse, bankruptcy can become an option with great potential for success. The resolution of significant debt after a divorce through bankruptcy can be the start of new independence for both spouses as they establish newly independent lives.
Source: al.com, “Don’t let divorce hurt your credit,” Matt Becker, July 17, 2013
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