How to Deal with Paying your Ex-spouse’s Debts
<p data-sp-element=”content”>Going through a divorce is an awful experience, but afterwards you have to go through the process of not only trying to get your life back together, but also of piecing your financial life back together. Part of doing that includes paying off your debt from the divorce. This includes the debt you accrued from setting up a new house, the money you owe your lawyer, and the debt from your ex-spouse that you took on during the divorce settlement.Even though you might not have been the one to run up your joint credit cards and other personal loans, most states require that the judge split any joint debts during a divorce. That means that many people come out of their divorce saddled with debt that they don’t know how to pay back. In some cases, there’s no way to make the minimum required payments on the salary that you make. Often, people in this situation choose to declare bankruptcy on the debt rather than try to make payments.If you’re in a similar situation, you need to know that you have other options than declaring bankruptcy. While filing can eliminate the debt, it will also ruin your credit, and can make it next to impossible to get everything from a lease on a new apartment to a car loan. Instead, you might want to find out how a debt consolidation loan can help.Rather than struggle to fit these debts into your monthly budget, a debt counselor can find a debt consolidation loan that will give you a payment that you can afford. This loan will have a single, low interest rate; you won’t have to figure out which cards you’re making partial payment on each month. Best of all, the loan will pay off your debt obligation and put the debt you owe under your name alone. You won’t have your ex-spouse’s name on any debts that you consolidate. That means you won’t have to worry about him or her making the payments on his or her half of the debt. Once you have no more shared debt, you won’t be tied to your ex-spouse’s finances and credit.