Debt and Divorce (Checklist)
High living and the ensuing debt wreck marriages. When a couple lives beyond its means, sooner or later, money worries and finance woes assault a marriage. This simple test comes from Consumer Credit Counseling. If you answer yes to any of the following questions, you should take a closer look at your finances. If you answer yes to four or more, you are probably in financial trouble. This is a good test for people to take before they marry and for them to take together from time to time after they marry.
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Resources & Tools
COMMUNITY PROPERTY VERSUS EQUITABLE DISTRIBUTION -- There are two basic ways to handle divorce property division: Community Property: Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin and Puerto Rico are community property states. This means that all marital property is typically defined as community property or separate property. When divorcing, community property is typically divided evenly, and each spouse keeps his or her separate property. Equitable Distribution: All other states follow equitable distribution. This means that a judge decides what is equitable, or fair, rather than simply splitting the property in two. In practice, this may mean that two-thirds of the property goes to the higher earning spouse, with the other spouse getting one-third.
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Divorce & Money: How to Make the Best Financial Decisions
What Happens to the Marital Home Upon Divorce
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Established in 1996
Established in 1996
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