If you are not careful, you might find yourself among the many under the “until debt do us part” category.
The line “until debt do as part” might sound silly but many have fallen into this situation because they don’t have financial advisers or education. Keeping your own accounts can prevent fights, but it also means more work to plan and act on things together, and you might miss out on the best way to handle your family’s money.
When you and the one you love decide to get married, the last thing you want to consider is how you will handle the divorce. You have heard all the scary statistics and certainly seen your fair share of divorced couples, both in real life and in the media, but right now, all that is shoved to the back of your mind. Of course, no one wants to plan for the worst-case scenario. Of course, no one ever plans to divorce.
But marriage is not just the metaphoric joining of two hearts and families. It is also a financial merger, which means you both should know how you would plan to separate if you need to. From juggling debt to budgeting, neglecting to prepare for the worst could be the very thing that makes it come true.
Handling finances sans debt
Despite the apparent ease of those who elope in Vegas, getting married is more in-depth and complicated than one may initially think. Your accounts, bills, and income do not magically join when you sign your marriage license. You will both need to sit down and discuss how you will financially join lives and put in the grind to make it happen. It may sound daunting, but total and frank honesty is the best way to avoid marriage-damaging, expensive issues down the line, and it’s best to get everything done before any emergency pops up.
When you have this conversation together, these are a few of the subjects to talk over:
- Shared assets. Find out what each of you is bringing to the marriage. Ensure to include any loans or credit cards that may factor in later.
- If you will have joint or individual assets. Some couples elect to keep their finances separate from each other, even after marriage. Others choose a mix, with one joint account for savings or big purchases, while you each keep your different accounts aside from it.
- Paperwork to update. There is more than you would think: banks, credit cards, loans, etc. Feel free to seek legal advice or counsel to help.
- Budgeting. How much will each of you save per month? How much will you spend? What expenses do you have together?
Adding debt without subtracting security
Now, in most situations, at least one party will bring some debt into the marriage. How you and your spouse handle that debt and discuss it can set the tone for the entire relationship, and the sooner it happens, the better. Even with a prenup, once you marry someone, you may find yourself responsible for at least a portion of whatever debt they bring in, so being honest about what you owe is paramount. You do not want to find out the hard way that you still need to pay for your ex’s car loan.
Debt is nothing to mess around with. An extreme amount can stunt all progress in your life, from your honeymoon to getting a mortgage to being able to start a family. With such a significant, heavy weight on your shoulders, you should find out as quickly as possible if your partner can carry that weight with you and vice versa. Yes, it is stressful and psychologically complex, but this is the person you plan to spend your life with. The right person will work with you to plan how the two of you will whittle down your debt together. The wrong person would not, which may mean it is time to re-download Tinder.
There is no way around it: dealing with debt can be overwhelming. The complicated avenues of finance allow for many errors, miscommunications, and disagreements — none of which a newlywed couple wants to deal with. At The Law Offices of Ronald E. Stadtmueller, our Chapter 7 bankruptcy solution San Diego attorney can answer all your questions. Do not continue to live under a cloud of unmanageable debt. Chapter 7 bankruptcy can quickly discharge your qualifying debt and give you a fresh start. Contact us online or call us today to schedule your bankruptcy consultation at any of our offices at Rancho Bernardo, Mission Valley, San Marcos, or La Jolla.***
Having a medical emergency, we call 911. But who do you call with a financial crisis?
Options for Handling Financial Difficulties
Financial struggles can build over time, rising to a tipping point that ignites emergencies in housing, food, transportation, health, and family relationships. Those tipping points are often related to job loss, divorce, lawsuits, or health challenges. If you throw in a pandemic, that critical point may have come sooner than expected.
Many of us are in different financial standings than three years ago at the start of the pandemic’s start. There is no telling what direction the economy or your situation will turn. That is why organizing your finances and planning for the future is vital.
One way to put a pause on the financial chaos, hounding lenders, and foreclosure or car repossession is to file for bankruptcy. Bankruptcy is an option to obtain legal protections, peace of mind, and structure for addressing your indebtedness.
At The Law Offices Of Ronald E. Stadtmueller, San Diego’s Law Firm Bankruptcy, we understand the pressures of potentially losing your home, vehicle, or business. We will work with you to evaluate your options to see if bankruptcy suits your situation. We offer a free consultation, and in Chapter 13, the filing fees are paid later through the plan. Bankruptcy has immediate and long-term impacts, as it helps you restructure, payback, or eliminate debts.
We also recognize that bankruptcy is only one part of the solution to a likely complicated situation. It may stop debt collectors, repossessions, and legal actions. But it does not provide tonight’s meal or tomorrow’s job. Thankfully, Wake County has many resources to help you and, hopefully, bridge your other immediate needs.
Whatever the nature of your crisis, you are not alone. There is hope and help available in many forms. If bankruptcy is an option you want to consider, please call our office and set up a free in-person, video, or phone consultation.
Contact an Experienced Bankruptcy Attorney in San Diego, CA, for Help
The Law Offices Of Ronald E. Stadtmueller has over thirty (30) years of experience helping businesses and individuals get their finances back on track. If you are experiencing a financial crisis, contact us today for a FREE consultation with an experienced board-certified bankruptcy attorney in California.
We evaluate your finances in-depth before advising you to file for bankruptcy. After reviewing your debts, income, and other expenses, we counsel you on the actual and total impact that bankruptcy will have on your family, business, home, and future credit.
If bankruptcy is the perfect choice for you, you can expect us to fully explain the process and the outcomes. Our comprehensive approach to bankruptcy leaves no doubts, so you can be confident you are taking the right step to secure your future. Trust us, for we draw on over 30 years of experience guiding clients in California through bankruptcy. Allow our attorney to help you regain a firm financial footing.
What Our Satisfied Clients Are Saying
“Often, the biggest mistake a person makes in bankruptcy is who they hire as their attorney—the right attorney for your bankruptcy. For fast resolution and real relief, contact the Law Offices of Ronald E. Stadtmueller.” – The Honorable Bill Parker, Chief Bankruptcy Judge EDTX, hires Ronald Stadtmueller.“Mr. Stadtmueller made this difficult time as painless as possible. He was ethical and very professional. His calm and astute guidance helped me navigate this challenging process to completion. He consistently communicated with me, so I was aware of the process and prepared. I recommend his services to anyone who needs assistance.”– Barb.
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