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Dealing with financial issues in any relationship is not that simple. Right from deciding who pays for what to the point of whether opening a joint account or not, there might be so many different financial issues for you to negotiate. But one major financial hurdle has to be debt, which people generally don’t talk about much. Debt has become quite a big of a problem in the USA and even if you divorce your partner, you might have to bear the burden of debt on your shoulder.
A recent survey from finder.com of over 2000 adults have found out that a startling number of USA natives accrue debt through romantic relationships. Most of them have even retained debt after relationship has ended. Around 30% of the people surveyed had absorbed debt through relationship, which might translate into 74 million Americans. The total financial amount or debt accrued through relationship is a whopping of $250 billion, which can be averaged out to around $12,000 per person.
Reasons people acquire debt:
Even before you end up solving the relationship based debt issues, you need to be aware of the ways in which people actually acquire Debt on the first place. There are top 5 reasons for that.
Marriage was always at the top number that people used for absorbing partners’ or their ex’s debt, with around 28% of people surveyed taking debt that way. Remember that pre-nups may not be the most romantic thing you have come across. However, these numbers will just show how important things might turn out to be. Most of the time marriages do not last that long. However, once you are tied with someone legally, the debt can outlast marriage too.
Around 25% of respondents had partners making purchases in their names. Lending partner a credit or debit card once in while might not seem to be that big of a deal, but the consequences can prove to be huge. Remember to trust them and know what they are actually up to before giving access to any of your money.
Creating a joint account with your partner is a big decision as you are held responsible for whatever is going to happen there. Around 20% of those surveyed has ended up with debt mainly because of the partner, misusing their accounts.
Well, you might not know this but financial infidelity is a huge thing. Sometimes, people might keep huge amounts of spending and even reckless financial behavior out from their partner’s knowledge even when it is affecting their credits and even financial security.
Most of the time, you think that people fight over money in divorce, but sometimes it can be over debt too. While everything gets split up after divorce, you might end up with debt, which was not even yours on the first place.
Best ways to prevent money from ruining your marriage:
There is no secret that fighting over money puts a hefty strain on relationship. Money issues are also quite troublesome that people who say they are experiences stress in relationship ends up blaming finance as number one reason. But, there are some proven ways in which you can keep money or dent out of your married relationship or even when you are just getting started in any romantic relationships now.
The number one mistake made by couples is spending way too much on wedding. The average wedding cost is not more than $26,000, and if you reside in any metropolitan area, then that will be 3 times more. most of the couples don[‘t have enough cash in hand to spend on wedding, so they end up taking loan for celebrating single occasion. This can result in debt, which often lead to strain in married relationships. So, focusing on the celebration which you can afford is a clever start to a lovely future together.
It is always advisable to fully disclose the financial condition with your partner even before tying the knot. No matter how uncomfortable it might be, spilling the truth before any commitment can help. Even if you are in any outstanding debt, don’t forget to mention that. It will prevent any future argue from taking place as you have cleared things out already.
Most of the fights between spouses are not because of money but because of clash of temperaments.it is a huge potential conflict source. One spouse might be too upset on the other for spending too much but this issue might not be just that they cannot afford it, but might be something way deeper than that. So, understanding the partner’s money mindset beforehand is always mandatory.
Things might change in your life. So, it is not that unusual for the people’s financial expectations to shift with passing time. The issue takes place when couples forget to check in with one another for ensuring that they are still in sync. It is often a good reality check for the couples to just sit down once every year, and discuss the financial spectrum, no matter wherever the current standing is. Whether it is associated with the money saved or paying off debt, talking about it with your spouse can help you get a perfect solution in no time.
These are few of the many ways in which you can handle finances and avoid money coming between relationships. If you don’t have debt thoughts in your mind or any kind of financial issue, then you are up for a happy future life with your spouse no doubt. It just takes a bit of commitment from your side to talk about the issues and get those solved together.
In case, you have irreconcilable differences with your spouse and heading for a divorce, you and your spouse need to settle all the debts and liabilities in a legal settlement in court. These debts cover car loans, credit card loans, mortgages, home equity and other types of consumer loans you incur. In case, both of you are owners of a small business; you should clear all personal guarantees that both of you have taken during the tenure of the business. This should be done to secure any account that is payable to the small business.
Heading for a divorce – what should you do?
If you are heading for a divorce, you should consider all the debts that you have in your name, the name of your spouse and the loans that have been taken by you and your spouse jointly. The loans you take affect your marital estate in two ways- the debt will reduce the gross value of those assets in your name and increases the costs of the individual who is responsible for the payment of the loan. All of the loans or the debts incurred at the time of the marriage that has not been paid or assigned to the individual responsible for its payment will create complications later. Both spouses or one of the spouses will be affected post-divorce.
Understand the laws of the State
The laws of the State differ when it comes to marriage and divorce. They will determine which of the marriage partners is liable for the repayment of debts and loans incurred. The laws of the state will also determine which of the two marriage partners are responsible for the payment of debts. The court needs to decide on the purpose of the debt, who is liable for repayment etc. Again, the repayment of debts should be made by both the spouses if you live in a state that is a community property state. You should also check and be aware of the laws of the state when it comes to the elimination of debts. Remember, repayment of the debt is not enough. You need to know that debts will influence every aspect of your divorce and this covers child support, a division of property, spousal support and more.
What about debts are taken jointly?
A joint debt is generally the responsibility of both the spouses to the marriage. The same applies post-divorce as well. The creditor is not concerned about how the judgment of the divorce is made, he or she wants the repayment of the outstanding debt by both the parties to the divorce. A common example of the above situation is when both the spouses have a credit card, and one of them is using it after the separation. It is understood that the spouse who did not use the credit card to make purchases should not be held liable to make the payment. However, credit card companies will seek repayment from both spouses if the repayment is not made.
What about debt consolidation?
Parties to the divorce should consider debt consolidation of all their debts and liabilities before the divorce. There are instances where the parties to the divorce have many loans to pay off. Debt consolidation is the process via which all the debts are clubbed under a single loan for repayment. There are debt consolidation companies that help parties to a divorce to repay their debts gradually over a period of time. If you and your spouse are looking for debt consolidation, you should carefully read the debt consolidation reviews of the different companies before you make your choice. Experts of these companies say there are two ways via which you can clear joint debts. The payment of the debt should be assigned to the spouse who is more financially responsible, or both of you should take steps to pay off the financial debts before the divorce is settled. Again, there are times when the creditor can release the spouse who is not accountable for the credit card bills incurred.
Debt assignments for spouses
Parties to the divorce need to be aware of the assignment of the debts for payments. They need to consider the security or the obligation for the debt. For instance, if the security is a car, the spouse who has the car is accountable for repayment of the debt. In case, the debt is a charge for a credit card or a signature loan that is not secured by a property; it is generally assigned to the person who is more financially capable of paying the debt. In case, you do not wish to take complete responsibility for the debt and think that your ex-spouse will not pay for the debt, ensure you pay off the debt prior to the settlement of the divorce. In case, you or your spouse do not have enough money to pay off the debt; you have the option of selling off the asset to repay the debts in full. You can always use the proceeds that you have got from the sale to pay the debts completely. Once the debts have been paid, remember to take the receipts and keep them safe. This is proof that you have paid off the debt and needs to be produced in court.
What happens in the case of bankruptcy?
In the case of bankruptcy, divorce courts are empowered to assign the responsibility of payment of the debts to one of the spouses. The courts generally release the ex-spouse from paying the debt. In case one of the spouses has taken debt from another spouse and not in a position to repay the debt, a petition for bankruptcy has to be filed. The courts of law will then decide the case.
Therefore, when spouses have irreconcilable differences, and they are unable to continue with the marriage, it is prudent for both of them to settle all pending debts they have between them before the divorce. Debt consolidation is an effective way to consolidate all debts and repay them gradually with the passage of time!
A wedding is generally a grand occasion, and people enjoy themselves a lot during the festivities of a wedding. The marriage is obviously the celebration of the bond that is made between two people but the relatives and friends who gather on that auspicious day for bestowing their blessings on the newlywed couple make the whole event more beautiful and happy.
There are different things involved in the wedding shopping list, and many items need to be procured for the wedding. The planning process is vital for any wedding which involves the date, venue, guest list, dress and suit for the bride and groom, etc. But the most important piece is obviously the wedding or engagement ring. The ring which is used for engagement has to be bought by the bridegroom and is probably the costliest item in the whole shopping list.
Factors to be scrutinized before choosing to opt for a pricey ring
Due to various expenses made during a wedding, credit card swipes also increase in frequency and it has observed in many instances that the cost of having a dream wedding has exceeded the budget by a huge margin. The people who are sensible will obviously try to use cash and debit cards instead of using credits or other forms of loans. However, in many cases, it has been observed that the wedding ring is bought by using balance in the credit card. In such situations a person who is making the purchase should examine the following things:
If it is necessary to choose the credit option for purchasing the wedding ring, then it is very important to know the amount which has been taken as credit. If might sound easy that the amount is known when the price of the ring is shown. But it should be remembered when that amount is paid through credit then the price might be higher than what is shown in the price tag. This happens because the credit card has certain terms given by the crediting agency and there is the rate of interest which is applied to the credited amount. In some cards, there is a period when no most inert is charged but usually that duration is not very long and the interest is very high after the grace period. In other cards, there will be a rate of interest which will be levied on the loaned sum. Hence, it is important to assess the total cost that one will incur if the payment is made through credit card and the suitable amount should be ready soon so that less interest or penalties are charged.
As already mentioned a wedding ring is nothing less than a costly affair, so it is extremely important to ensure it against damage from accidents or theft. There are different types of insurance service providers who have different conditions for ensuring valuable items. The policy agreements requiring lower payments for coverage usually do not have a comprehensive approach when it comes to ensuring a highly prized artifact. However, it is always dependent upon the financial situation of the person and also his choice when it comes to selecting insurance coverage for the wedding ring.
It is necessary to understand the fact that the wedding is the initiation of a journey in which two persons mutually coexist harmoniously. In order to achieve peace and prosperity in a marriage, it is vital to plan the finances accordingly. Usually, a huge amount of money is spent on weddings, and less thought is given about the financial needs in a marriage. Hence in order to avoid debt situations, it is mandatory to plan the funds’ necessary fora marriage and not just for fulfilling a wedding ceremony.
The pomp of a wedding is not to be measured against the money spent on having that wedding instead it should be considered by observing the overall happiness of the entire family and the couple. Sometimes for the sake of saving one’s face in the society individuals make the mistake of acquiring things that are beyond the financial capacity. This expenditure might make that single day overtly beautiful but will affect the couple later in marriage. Hence instead of worrying about what others will think if there is a lack of expensive glitter in the wedding one should come forward and calmly state his financial status and budget for the wedding. The wedding ring might be important for a single ritual but won’t make or break the wedding.
In the jewelry market, there are enough shops that provide quality pieces of jewelry at an affordable range, but there are some stores that charge an excessive amount of money. A person should be wary about such jewelry stores, and it is better to scan through multiple jewelry shops before making the actual purchase of the wedding ring. Prices should be compared both offline and online, and the quality of products are to be examined very carefully.
There are indeed a plethora of options when it comes to wedding rings. However, choosing the least priced wedding ring might not be a prudent choice because this ring will not only be worn on the wedding day but will remain on the finger of the spouse throughout her married life. Therefore choosing rings that are reasonable according to one’s budget is to be purchased.
Debt is not something that one wishes to gather that too right after a wedding but in the unfortunate event when a person finds himself in debt due to the expensive engagement ring, then it is important to work continuously for resolving the debt as quickly as possible. You can get in touch with the experts of nationaldebtrelief.com/ know more.
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