How Can I Avoid Debt After Divorce?

Following a divorce, it can be difficult for people to get back on their feet financially. In some cases, divorcees struggle by taking on too many new debts. This can be especially true if someone is used to living with two incomes and/or is not used to being a breadwinner or controlling finances. Photo of wedding ring

With this in mind, Credit.com recently had an excellent column about ways divorcees can avoid falling into debt following their separation. Some tips for divorcees struggling with debt include:

  • Consider Using Your Assets to Start Your New Life Debt-Free. The site mentions how you can sell items like houses, jewelry, clothing or cars to pay down debt.
  • Start a ‘Periodic Expenses’ Savings Account. This can help you pay for large, unexpected expenses like car repairs, dental work or emergency travel, so that debt associated with these items does not end up on credit cards.)
  • Avoid Using Credit Cards to Buy Luxury Items. Following a divorce, it can be really easy to pay for items with credit cards like trips or materialistic things that you may feel are therapeutic. However, this may be something you end up regretting later.

Additionally, our Lewisville family lawyers recommend that if you are struggling with debt following a divorce, you may want to work with a financial planner. This can be a good idea early on, as it can help you establish financial strength and independence.

If You Are in an Unhappy Marriage, Talk to Our Lewisville Divorce Lawyers

If your marriage has turned sour due to issues with financial struggles, speak to our family law attorneys about how we can assist you. As these tips above note, the end of a marriage can be a pivotal time in a person’s life financially. This is why our Lewisville divorce lawyers handle cases with compassion and care.

Follow our Twitter and Facebook pages for more information about family law. You can reach our office directly by calling (972) 315-6222.

If you are struggling financially and it is affecting your marriage, you should talk to professionals about your issues—this can include attorneys, counselors and financial planners. We do our best to help clients through all of the hurdles a divorce can bring.

Julian, Crowder & Shuster, P.C. – Lewisville Divorce Attorneys

Source: http://blog.credit.com/2015/10/4-ways-to-avoid-debt-after-divorce-128282/



Tags:

Leave a Reply

Your email address will not be published. Required fields are marked *