Getting divorced doesn’t mean you can break up with your debt
The process of getting divorced can be extremely stressful and emotional. People can be dealing with feelings of betrayal, anger, guilt, sadness and fear for what the future will look like. Add to all this the stress of dealing with financial problems, and it can all prove to be quite overwhelming.
Unfortunately, debt and divorce often go hand-in-hand. Unmanageable debt can be the factor that puts such incredible strain on a marriage that it cannot last; people who have gotten divorced may find that moving on financially afterward can prove to be enormously challenging and end up creating debt on their own; it can also be quite expensive to actually get divorced, which can only add to existing or potential financial problems. If you are in any of these situations, there are a few things you should understand.
To begin with, debt doesn’t disappear when a marriage ends. According to Georgia property division laws, marital assets and debt are all taken into account when a court rules on how the marital estate will be divided. This means that, depending on several factors, shared debt balances will generally be split up and assigned to each spouse accordingly. But if you entered a marriage with your own debt and it remained separate throughout your marriage, you will take it all with you in the divorce.
It can also be important to understand that if you or your ex stops making payments on accounts that are in both of your names, both of you can be impacted negatively. This might include mortgages and credit cards you share.
Finally, one of the most important things to keep in mind is that you don’t have to deal with this difficult situation alone. Divorce can be hard enough without the added complication of debt; working through the financial issues you may be facing with the guidance of an attorney can be an enormous source of relief. Without the pressures of debt on your shoulders, you can focus on rebuilding your life and moving forward.