A Personal finance blog for saving money and earning more and thus having a better life
Most married couples in the U.S. accrue staggering amounts of debt during the span of an average marriage. Debt is one of the main issues that couples fight over, and maybe even eventually divorce over.
If the debt is bad during the marriage, it’s nearly unbearable during a divorce. Debt, even credit card debt, is split up during a marriage between the spouses according to state law.
The emotional pain of divorce can be heartbreaking- the separation of a life together and the struggles of building an independent life can be almost overwhelmingly difficult. Divorce is also one of the factors in people’s financial disaster.
Divorce can be particularly difficult for single income families, where one of the spouses gave up their career and income, and now find themselves struggling to get by, often with added financial obligations, such as the cost of raising children, maintaining a home, and sometimes alimony. How exactly can you pick yourself up and get back on your financial feet after a divorce?