As the old expression goes, “there’s no romance without finance.” And this is definitely the truth. In fact, a recent 2017 survey showed that as many as 21% of all divorces were at least in part due to financial instability and debt. What makes this particularly troubling for a lot of couples is that debt means two things – the couple is under pressure financially and the couple may lack the means to survive apart. This compound problem is only made worse by the reality that divorce is not free.
At the Law Offices of Todd K. Mohink, P.A., we always strive to keep divorce affordable for clients, especially those people who are divorcing over debt and financial difficulties. If this applies to you, consider the following:
In 2015, the Maryland Legislature eased some of the requirements for an absolute divorce. If you have no children together, the law removed the 12-month waiting period, meaning you can request a no-fault divorce and get divorced easier and faster than ever before. If you are struggling financially, you may want to consider meeting with a lawyer together to discuss your finances openly. Some couples may even be considering a bankruptcy. If so, it’s a good idea to work with a lawyer who can help with both issues.
Divorcing couples who have serious financial problems often have a handful of concerns. These tend to include:
While it may seem counterintuitive, a lot of people find that after a divorce they get out of debt faster. Married couples tend to spend money faster and go into debt faster than single or divorced people. Consider a few things that may help you get out of debt faster following a divorce.
Whether you are in Anne Arundel County, Baltimore, or Howard County, the Law Offices of Todd K. Mohink, P.A. are here to help. Give us a call or visit us online today to learn more.
7310 Ritchie Highway, Suite 910
Glen Burnie, MD 21061
30 Corporate Center
10440 Little Patuxent Parkway,
Columbia, MD 21044