Baltimore & Towson Lawyer Discusses Debt Payoff and Divorce
Undoubtedly, there are a variety of things running through the minds of married couples who have made the decision to go their separate ways. What will happen to the house? Who gets the car? How will we work out the visitation for the kids? All of these questions are very valid concerns, but along with those questions, there are also other issues that need to be dealt with, especially when it comes to the handling of household finances and bills. Just about any Baltimore and Towson divorce lawyer will tell you that many individuals do not consider their debts at the time they are contemplating divorce. Couples typically do not recall all the trips they charged to go on nice family vacations or that new back door they bought two years ago. However, unless they paid cash or paid off the credit card, those debts still exist. So, the new question becomes: Should you pay off your debt before getting divorced? Consider this.
The Upside to Paying Off Debts Prior to the Divorce
Some couples who decide to divorce consciously make the decision to pay off their debts prior to filing for the divorce. This is because doing so has certain advantages. For instance, for many individuals, moving on will be a bit easier if there are no joint debts that need to be paid. The parties will, in essence, be financially independent and will not have a need to be concerned with each other's money or financial standing.
A Baltimore and Towson divorce lawyer knows that by paying off debts prior to a divorce, that will also get rid of the potential for one or both parties' credit scores being adversely affected because one individual has made the decision not to continue making payments on a bill that is in the names of both parties. Unfortunately, it might be years later until a person thinks about an old debt that was shared with his or her ex, and the only reason the individual thinks about it then is because he or she tries to purchase something on credit and learns that his or her credit score is not as high as it used to be because the ex did not pay the debt off as thought.
Ultimately, choosing to pay joint debts off before divorcing can lead to lower divorce costs and an easier divorce process overall. The attorneys involved will not have to take the time to determine how to divide debts and figure out who should pay what, and in the end, the divorce will get finalized much faster.
The Downside of Paying Debts Before Divorcing
Anyone who is so miserable in a marriage that they find divorce to be the best option will likely want to get out of the marriage as soon as possible. However, if the couple is waiting to do so until they have paid off debts, their time together may be extended dramatically. Plus, staying together might also lead to the creation of additional debt, which could ultimately create even more tension in the home. Additionally, the parties should remember that during the divorce, debts will likely be divided equally between the couple and if one person decides to pay off certain debts, they might actually be paying more than they would have had to pay had they waited.
If you have questions about paying off bills prior to your divorce, contact a knowledgeable Baltimore and Towson divorce lawyer at the Law Offices of Amar Weisman, LLC today.
Call (410) 321-4994 For a Free Consultation
Call The Law Offices of Amar S. Weisman at (410) 321-4994 to schedule a Free Consultation. The Purpose of the consultation is to determine whether you want to retain this law firm as your Baltimore County & Harford County Family Lawyer. If you do wish to proceed, then you must pay a retainer. See Our Policy on Fees and Costs. The family firm is located next to The Circuit Court for Baltimore County, at 1018 Dulaney Valley Road, Towson, MD 21204.