Divorce Lawyer Source

Home > News

• test
• test
• test

Financial Tips for Couples Considering Divorce

With the U.S. economy in a finally-declared recession (more informally known as "tanking"), many married couples who want to get divorced are finding that they cannot afford to split up. Even couples who are happy together are having difficulty paying bills, covering the mortgage, keeping their jobs and running a household; spouses who want to divorce are realizing that they may have to stay together just to survive financially. 

Can't Afford Two Households

These days, thousands of Americans cannot sell their houses for enough to pay off their mortgage (and often, additional home-equity debt), and tougher mortgage standards plus income cut-backs are making it impossible to consider supporting two households. 

Helpful Tips

Divorce rates are dropping. A few suggestions for couples who are thinking about getting a divorce in these troubled times are as follows: 

• Get a realistic, current market value of your home (and other real estate you own) from a realtor, and while you're at it, discuss other available and plausible housing options with the realtor. 
  
  
• Get a copy of your credit report. You can get a free copy from annualcreditreport.com. If you don't have your own credit history, get a credit card in your own name while you're still together with your spouse (if you wait until you're on your own to do so, you might not be able to get a credit card, depending on your income). 
  
  
• Start limiting your use of credit together; close credit cards and home-equity lines that you don't need. Try not to increase your debt load any further. 
  
  
• See a financial counselor. 
  
  
• Consider putting off the sale of the family residence until your divorce is completed, to save money. 
  
  
• Consider counseling to overcome your marital issues; if that's not possible, think about using a mediator to resolve your divorce issues. Many divorce attorneys are also licensed mediators. 

(Source: The Wall Street Journal) 

Talk to a Divorce Attorney Today

Divorce lawyers understand what you're facing. Contact us to speak with an experienced divorce attorney in your area to discuss your concerns about whether you can divorce, and regarding all of your options.