Money disputes are a common issue for married couples. According to one report, finances are a key arguing point in many marriages and nearly a third of adults report that money is a conflict in their union. So it stands to reason that many who are moving forward with a divorce find themselves fighting with their spouse about assets, debts, and how money matters will be settled with the marriage ends.
While it may be tempting to move through the divorce negotiation process as fast as possible, your future financial security could be on the line. Legal experts will discuss with you what debts you are open to settling and which debts you feel your spouse should be responsible for paying off.
Different Types of Debts and Resolution Options
Of course, before exploring resolution options, it is essential to understand what marital debts exist and how these debts could be divided or settled. One or all of the following debts may be create disputes:
- Mortgages
- Credit card balances
- Payday loans
- Auto loans
- Loans for boats or recreational vehicles
- Business loans
- Gambling debts
- Credit card debt.
- Medical bills
- Tax obligations
If you and your spouse are able to agree on who is responsible for one or more debts, it can be advantageous to pay off those loans prior to divorcing. For the remaining debts and loans, a solution could be to divide the payments relative to each individual’s income. Or, if one person wants to retain the marital home, they may agree to take on the full mortgage payment moving forward.
Disagreements could also be in connection to luxury items. If one person purchased the luxury item and the other individual felt they overspent, they may balk at any level of responsibility for that debt. Sometimes selling the item, whether it is a boat, jewelry, or art, is the best path to resolution. This could be part of a negotiation process. Spousal maintenance, property ownership, and other issues are often part of determining asset and debt distribution.
You May Have Experienced Financial Infidelity
Because couples argue about money, there are times when one or both individuals participate in financial infidelity, meaning they lie about how they are spending money or they hide purchases and investments. A skilled Tampa divorce attorney can investigate the situation and bring hidden assets and debts to light. Then all funds can be handled which can reduce the likelihood of future legal disputes.
Do you have debt and wonder how it will be handled as you navigate the divorce process? Financial security is important, discuss the details of your situation with a qualified Tampa family lawyer so you are confident you are exiting a marriage with your fair share.
