These days, it is not unusual for people to graduate with $60,000, $100,000, or even $200,000 in student loans. If your partner also has student loans, your debt burden as a couple can be enormous. As you consider divorce, one of the questions that looms over you the most might be what happens to that enormous amount of debt. In fact, some couples even avoid divorcing because they're scared they'll be burdened with astronomical student loan debt when they do!
When you declare your intention to divorce your spouse, it can be difficult for you to estimate how he or she might react. There are many different ways that spouses respond to this news, and some will begin to behave in a manner that will complicate the proceedings. Specifically, you might encounter a spouse who will start to sell the family's possessions — and even your own possessions — in order to raise money and punish you.
If you are considering filing for bankruptcy, you may initially think about holding off until the holidays are over. Many people think that filing bankruptcy during the hustle and bustle of the holiday season will be stressful and an interruption to an otherwise cheerful season. However, there are many reasons why you should file before the holidays start, rather than after. Here are three of those reasons.
Protects Holiday Bonuses and Cash
If you and your spouse have a lot of marital assets and are divorcing, you may be involved in what is known as a high-asset divorce. Needless to say, there is a lot more at stake when the assets are higher. Read on to learn about three ways to protect yourself in a high-asset divorce.
Procure an Attorney Immediately
Even you decide to delay your divorce for a while, it's never a bad idea to seek counseling from an attorney.
A divorce can result in financial challenges. However, if one of the divorcing spouses is self-employed, the financial issues surrounding the proceedings can be particularly difficult for both divorcing parties.
A self-employed spouse may try to protect their assets by not fully disclosing what they have. Also, the spouse of the self-employed partner may attempt to assume more of the self-employed spouse's assets than they should.
Here is some information to help divorcing spouses take proper precautions when self-employment is involved in their case.