  My
wife and I have accumulated a lot of debt during our marriage.
Now that we are getting a divorce, how do we handle it?
 First
of all, know that you are not alone. Many of our clients tell us
that they have accumulated a lot of debt during the marriage! Often,
the financial problems have something to do with you and your partner
getting a divorce. It is unfortunate that couples don’t get
financial counseling until they are ready to divorce. The good
news is, it is never too late to get financial assistance.
We spend
a lot of our time educating clients about their finances. It
is important for both of you to know how you are going to survive
financially now and after the divorce is final. Have
you and yours accumulated a lot of debt during your marriage. Now
that you're getting a divorce, how do you handle it? Debts that
were obtained in both spouses names during the marriage (meaning
both husband and wife signed a document or application saying that
they were responsible for the debt) remain the obligations of both
parties after a divorce, no matter what a divorce decree says.
Creditors
are not party to your Marriage Settlement Agreement. Therefore,
if your ex-spouse does not pay a debt that he/she was assigned
in a divorce decree, then you could be held accountable for it.
We assist couples in determining what is the best method to divide
the debt so as to reduce the incidence of having problems later
on.
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My
second husband and I are going to get a divorce and we have two
children. I was also married before and am receiving child support
from my first husband. I know my first husband isn’t paying
me as much as he should but I don’t want to create waves.
What should I do?
The
financial and or legal professional that assists you with your
divorce will calculate support. It is not really a negotiated
item in the courts eyes. The income figures used to calculate support
is usually more of an arguing point. They can calculate what child
support should be for your children from your first marriage too. Modifying
child support is not a complicated process so don’t be afraid
to set the record straight now. The system was designed so
that child support could be modified. It is not fair to saddle
your current husband with more child support because you don’t
want to ask your first husband to pay his modified amount of child
support.
Both parties should be paying their proper child support based on the income
they have today, not the income they had when you got divorced. Now is the
time for everyone to begin handling their own responsibilities. The fathers
of your children have a certain financial responsibility for the well being
of your children, as you do.
My
husband and I are having a terrible time trying to figure out if
we should get a divorce or not. We have
been married for over 30 years, we have a complicated Trust, and
I am just not sure it is worth going through at our age. He has
taken my access to money away but gives me spending money, so I
am hesitant to get an attorney at this point. You are the only one that can decide whether or
not you want to proceed with a divorce. I would recommend
that you begin counseling if you aren’t already. If
you think the marriage might be salvageable, meaning your husband
would attend counseling with you, then I would start with that.
I would also recommend that you get advice regarding the “what
if’s” in your life. It is wise to examine all the “what ifs” before proceeding,
and that is the backbone of the service we provide. Feel free to
give us a call and we will provide you with an hour of complimentary
consultation. Please send your questions to: Freya@huntzollinger.com
Freya
Zollinger, CDFA, Mediator
Hunt Zollinger
2750 Bahia Vista, Suite 240
Sarasota, FL 34239
941.953.5199 Office
941.953.5117 Fax PAID ADVERTORIAL |
