Menu

Getting out of debt may save a marriage

Colorado couples who are considering getting divorced should keep in mind that some experts believe getting out of debt can save a marriage. Debt can cause problems in even the most stable marriage, and getting out from under it can relieve a significant amount of stress. According to a Couples & Money study by Fidelity, 40 percent of couples state that debt has a negative impact on their marriage. Couples who struggle with debt are more likely to have poor communication, and individuals often disagree on who is responsible for the most debt. This can lead to fighting and stressful conversations about money.

According to a study released by Utah State University, one of the top predictors of divorce is arguing about finances. Couples who fight about money are 30 percent more likely to divorce than couples that either do not argue about money at all or do so sparingly. While few couples divorce solely because of money, stress over money is at the root of many splits. One way couples can tackle the problem head-on is to get everything out on the table and have an honest discussion with each other about how to pay down debt.

After sitting down together and looking over their finances, couples should then decide if they want to pay down their debt with the "snowball" method or the "avalanche" method. The snowball method involves paying off small debts first, which can help couples build momentum and confidence. The avalanche method involves paying off the debts with the highest interest rates first, allowing couples to save the most money on interest.

People who are considering getting a divorce may want to consult with Greenwood Village, Colorado, divorce attorneys with experience in divorce and asset division. An attorney may be able to help someone determine who would get which assets in the event of a divorce. A lawyer may also be able to help determine which spouse is responsible for which part of the debt.

No Comments

Leave a comment
Comment Information

Contact Us To Discuss Your Case

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

hechlawyers.jpg

Contact

Heckenbach Suazo LLP
7400 East Orchard Road
Suite 3025N
Greenwood Village, CO 80111

Phone: 720-644-8142
Fax: 303-858-8001
Greenwood Village Law Office Map

Review Us
top