Many marriages in the United States are plagued with trouble. Thanks to today’s troubling economy, the poor housing market, and the bad job market, even more marriages are in trouble. If your marriage is going through problems right now, I hope that you are able to work through the problems together. However, you want to consider and prepare for the what-ifs, particularly if you are in debt. Now is the best time to consider your debt relief options.
First and foremost, it is important to get on the same page with your spouse about your debts. Marriage often results in us joining credit card accounts, bank accounts, and having joint bills. Should you spilt; most often you will both be responsible for these debts. Whether you make an appointment with a marriage counselor or a divorce attorney, debt and debt relief is a topic that must be discussed.
When it comes to seeking debt relief, you will likely enroll in a debt relief program. If your marriage is still legal, it is important to ensure that you are both enrolled in these debt relief programs. For debts that are both of yours, both names should be on all accounts. Never get your bills consolidated into one loan with just your name on the new consolidated loan. Why? Because you might basically give your spouse an excuse to stop paying off the family debts should you divorce.
If you are attempting to work through your marriage problems, one of the first things you two should do is sit down and come up with a plan. Whether it be enrolling in a debt relief program or just deciding to pay more towards your debt than before, go ahead and do it. Addressing relief before divorce (which I hope doesn’t happen to you) is important and it has a number of benefits. Most importantly, you work to reduce the total owed which means even if you do get stuck with these bills yourself the total will be less than before.
Finally, remember that debt is just like property; you often share it when married. If divorce is within your future, it is important that debt relief and who is responsible for what be incorporated into your divorce agreement. It is sad to see a marriage end and you might just want it all over with, but it is important to protect your finances because your credit score and finances shouldn’t have to suffer just because your relationship failed.