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Subscribe to this list via RSS Blog posts tagged in shared debt

Joliet divorce lawyersDivorce is an emotionally and financially complex process that affects around 800,000 Americans each and every year. Sadly, some studies estimate that, for those couples, net worth could be reduced by as much as 77 percent by the time the ink dries on their decree. Is that always the case though? Certainly not. In fact, those that plan and prepare effectively for divorce often fare better than those who do not. The following information can help you financially prepare for divorce.

Start by Taking an Honest Look at Your Debt

You often hear divorce help sites talking about how important it is to account for all of your assets. This is true, of course, but some fail to mention that you must also examine your debt. After all, debt is not going to simply disappear once the divorce is over. Instead, it will be distributed between you and your spouse, much like your assets. Yet, when it comes to debt, there are also some complexities that get in the way. For example, mortgages and other high amounts of debt may not be as easy to “split” because the lender or extender of credit may not be willing or able to remove one of you from the account.

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Posted on in Divorce

Will County divorce attorney, cohabitation agreementFor generations, the majority of both young men and women had the goal of meeting someone, getting married, and raising a family. However, statistics reveal that for many, that goal has changed a bit. Today, couples are choosing not to marry.

A study conducted by the Pew Research Center revealed that approximately 20 percent of adults age 25 years or older have never been married. In 1960, it was only 10 percent.

There are several common reasons cited as to why people choose not to get married, with one of the major ones being financial—people want to be financially stable before walking down the aisle.

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