There are many new things to adjust to after a divorce. One is a new financial situation.
Being suddenly on their own financially, particularly after a long marriage, can be an intimidating thing for a divorcing individual. It can also pose some financial challenges. There are certain things that can make addressing these challenges in an effective way more difficult. One is having a high amount of debt.
Thus, keeping debt at a manageable level can be very important for a person following a divorce.
Many different things can impact what a person’s debt situation is like after a divorce. One is what happened with marital debt in the divorce. Many important debt-related issues can arise in a divorce, such as how marital debt will be divided between the divorcing parties. Thus, marital debt issues are among the things it can be very important to pay close attention to in a divorce. Also, when a marital debt division agreement has been proposed, it can be very important to understand what the implications of the agreement would be. Divorce attorneys can be a helpful source of guidance for divorce marital debt division matters.
Another thing that can impact a person’s post-divorce debt situation are their post-divorce financial habits. Thus, it can be important for a person, after a divorce, to steer themselves towards habits that can help with keeping debt down. Examples of such habits include:
- Being very careful about the number of credit cards you have.
- Setting aside money in a savings account for dealing with periodic expenses in order to reduce the chances of needing to dip into credit for such expenses.
- Being smart about your spending.
- Staying away from dipping into credit for discretionary expenses.
What methods would you recommend for keeping debt down post-divorce?
Source: St. Louis Post-Dispatch, “4 Ways to Avoid Debt After Divorce ,” Mikelann Valterra, Oct. 26, 2015