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The financial side of divorce

Rhode Island residents know that the world is not always a fair place. However, with the right knowledge and positive outlook, negative circumstances can change an individual's life for the positive. One area individuals may find stressful is the issue of divorce. Divorce can often bring out issues with a person's finances. One individual shares her story about how divorce changed her life for the better.

The woman met her future husband and was married about a year later. She knew going into the marriage that her husband did not have a lot of money. When they bought their home, the mortgage was in the wife's name because of the husband's terrible credit history. He had student loan debts around $16,000, credit card debt and multiple unpaid medical bills. The wife began struggling to help him pay off all his debt, while simultaneously enduring emotional abuse.

After five years of marriage and seeking guidance from a marriage counselor, the woman decided to end her marriage and get her life on track. While focusing on her husband's troubles, the woman let her own bills get out of control. As part of the divorce, she got on a repayment plan with her credit card company. Additionally, she used her divorce to put herself on a budget and utilized an excel spreadsheet to visually see her discretionary spending. Today, the woman's debt has been reduced to student loans and minor credit card debt. She is ready to refinance her home and begin saving for retirement.

Marriage is the union of two individuals. Oftentimes, this creates a more stable financial situation. However, in cases like that above, marriage can cause financial stress if one's partner has a lot of debt. When one decides to get a divorce, this can be the beginning of a new, fresh chapter both financially and emotionally. Qualified legal professionals can help Rhode Island residents organize their finances and assets during a divorce settlement. They can also assist with re-payment plans for any debt the individual may have.

Divorce can be a challenging time. However, with the proper support and guidance, it can be a truly fresh beginning for individuals. Each divorce case is unique and requires specified attention to detail. Family law professionals are available to assist residents struggling with all issues related to divorce.

Source: Forbes, "How A Divorce Helped Me Take Control Of My Money", June 7, 2013

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