More times a week than I would care to calculate, I’ll sit down with someone who starts their story with, “I got a divorce and it wasn’t until after we divorced that I realized what kinds of debt he/she had racked up. I let him/her handle all the financial stuff. I trusted him/her.” Now that person is in my office to see if bankruptcy can get them out of the financial ditch their former spouse drove them into.
Both spouses should be involved in the marital financial matters. Both spouses should know what the household budget is. Most importantly, both spouses should know just what the household debt obligations are, and neither spouse should be able to take on additional debt without the other spouse being aware of that decision.
Every month you should sit down together to review your budget, credit card, and bank account balances to understand where your money is going. As well as understanding how your money is being spent, it will also give you a chance to make planning decisions to reach your financial goals.
If you are concerned that your spouse is making poor decisions about that will have long term effects on your credit, you should make clear that he or she should not be listing you on any joint credit accounts without your knowledge. Review your credit report on a regular basis to make sure there are no accounts that you are not aware of.
If your divorce has left without the ability to pay your creditors, we hope you’ll come in to talk about your options under bankruptcy with an experienced Colorado bankruptcy lawyer. You can schedule an appointment by calling 303.331.3403 or by clicking here.