Skip to main content
(866) 465-5395 Schedule a Consultation (866) 465-5395 Schedule a Consultation

Protect Your Post-Divorce Future from Marital Debt

| |

famiy law

Money troubles can put a strain on even the happiest of marriages. Couples who regularly argue about money and debt are statistically more likely to divorce than couples without financial problems. However, divorce doesn’t make the debt go away. How can you prevent your marital debt from affecting your future?

Protect Yourself During Divorce

With the guidance of your divorce lawyer, your first step should be to close any joint accounts. Then, revoke authorization on any account where your spouse is an authorized user. This is very important. Our attorneys have seen too many situations where one spouse continues to rack up debt, leaving the other spouse in financial ruin.

If your spouse is a spender, ask your lawyer to pull up credit reports in both your names. Make sure there are no surprise accounts under your name.

Closing your accounts won’t get rid of the debt, but it will prevent new debt on joint accounts. You may be able to transfer the remaining debt to new accounts in your name only. It’s important to ensure the assets are still properly divided during the equitable distribution phase, however. Speak with your attorney before making any changes.

Pay Off Debt

It is usually a good idea to pay off as much debt as possible before the divorce becomes final. This may mean that you have to sell the house or other property to pay for the credit cards.  You might want to keep the house for the sake of the children, but selling the marital home and other joint assets is a better option than risking foreclosure. It’s important to avoid selling any property without first consulting your divorce lawyer.

If you just can’t pay the bills, you may need to consider bankruptcy. If you and your ex can agree to file for bankruptcy at the same time, it will prevent creditors from coming after either party. If your ex is the only one to file, you may still be responsible for his debt. However, bankruptcy should only be considered as a last resort. The process is expensive and can harm your credit for many years.

If you’re considering divorce and are worrying about your debt, we can help you find a solution. Call 866-465-5395.

Client Testimonials

Here's what our clients have to say about working with us. Please note, results may vary based on individual circumstances.

Melinda Previtera, Esq. came highly recommended to our family. Her knowledge base, professionalism, and compassion paved the way for a successful outcome. Melinda is efficient, detailed, and informative. She helps manage expectations, and postures her client for a fair and equitable result. We are happy to recommend Melinda!

Jennifer A.

My experience was very good. Everyone was professional and attentive to my needs, keeping me updated every step of the way. I couldn’t ask for a better result, highly recommended.

David R.

My marriage life has been a hell for me for the past four years until I decided to put an end to what has to be ended. Choosing a lawyer was another additional stressful part of the long process. I’m so glad that I’ve found the right one for me at Petrelli Previtera. Life isn’t always fair, but at least having her in my corner, felt even better. I couldn’t recommend her highly enough!

Caitlin B.

Serving Clients at the Following Locations

Bethesda4800 Hampden Lane, Suite 200 Bethesda MD 20814(301) 234-7409view details
Maryland5425 Wisconsin Ave Chevy Chase, MD 20815(301) 889-8085view details
ChicagoTwo Prudential Plaza 180 North Stetson Suite 3500 Chicago, IL 60601(312) 252-2085view details
Schaumburg1750 E. Golf Rd, Suite 382 Schaumburg, IL 60173(630) 491-9670view details
Texas500 W 2nd St Suite 1900 Austin, TX 78701(512) 883-1684view details
Washington DC1717 K Street NW, Suite 900 Washington DC 20006(202) 519-0366view details
Denver7900 E. Union Ave. Suite 1100, Denver, CO 80237(720) 821-6440view details
Princeton475 Wall St, Suite 214, Princeton, NJ 08540 Meeting Location: By Appointment Only (609) 917 9560 view details
Linwood210 New Road #15 Linwood, NJ 08221 Meeting Location: By Appointment Only (609) 375-0351 view details
Parsippany8 Campus Dr, Parsippany, NJ 07054 Meeting Location: By Appointment Only (973) 310-5320 view details
Philadelphia1845 Walnut Street 19th Floor Philadelphia, PA 19103(215) 523-6900view details
Montgomery County516 DeKalb Street Suite C Norristown, PA 19401(610) 924-2870view details
Doylestown123 N Broad Street, Doylestown, PA 18901(267) 938-4480view details
Abington1147 Easton Road, Abington PA 19001(610) 890-4833view details
West Chester203 W. Chestnut St., Suite 204
West Chester, PA. 19380
(610) 431-4012view details
schedule a consultation Today
Contact Us Fill out the form or call us today (866) 465-5395