How to Deal with Your Spouse's Debt
Latrice Knighton is an award-winning divorce attorney, life coach, and speaker. She solves problems using her experience and legal knowledge to offer practical advice.
We all want to live debt-free.
In order to live debt-free we have to make tough choices surrounding our budget and our lifestyle.
You and your spouse are more likely to stay on budget and maintain a comfortable lifestyle if both of you are able to have open communication about money. You need to talk about the ways you plan on spending your money as well as the ways you plan on saving it.
Unfortunately, we are not taught how to have conversations surrounding money with our significant other. And, sometimes a spouse may be uncertain as to how ti work together on coming up with a budget for spending and saving. So, you make money choices individually. One outcome may be that one spouse starts accumulating debt without the knowledge of the other spouse.
That’s when we have to ask ourselves a really important question: how do we fix the debt problem and what can be done now? The answer may not be obvious.
But knowing the next steps are important in regards to your financial future. When handling debt there is typically an order of operations that is completed off the checklist before going on to the next one. It is always a good idea to know what those steps are in case this situation ever happens again.
If you’ve been surprised to learn about your spouse's debt and don't know what to do, this episode is for you.
In this episode, you’ll get three must-ask and must-answer questions to help you decide what to do after you discover your spouse has accumulated debt.
What’s more, these same three questions are crucial to ask before you file for divorce or legal separation from your significant other. Write them down now and save your future self untold amounts of time, money and heartache.
When it comes to money — have you and your spouse talked about a financial plan? How would you feel and what would you do if your spouse accumulated debt without your knowledge?
Leave a comment below and let me know. Remember to share as much detail as you’d like in your reply.
You get to choose the path your life takes. My hope is that today’s show and every show will help you make choices that are aligned with your personal values and goals.
As always, thanks for reading, watching and adding your voice. You matter. Your voice matters.
References: Steps on Handling Debt