How Finances and Marriage Work Together
Finances and marriage go hand in hand; and when one suffers, the other often suffers, too. Nearly 80% of divorced couples say finances played a major role in their decision.
As a bankruptcy lawyer, I see the same problems all the time. A lot of couples begin marriage in debt and never establish a clear-cut plan on how to handle it. For those couples, debt becomes a natural way of life. Unfortunately, the debt forces the couple to live with stress of unpaid bills and missed opportunities.
Sometimes one member of the couple wants to pay off the debt, but their spouse wants to spend. This imbalance in priorities can lead to a lot of resentment. You start to lead two different lives. And over time, married couples might even feel abandoned by the other person.
And some couples never faced debt before, but find it suddenly takes over their lives due to other problems. Maybe you lost your job, or your spouse got sick. Those traumatic situations can affected finances and marriage all at once.
Fortunately, debt doesn’t have to ruin your marriage. Money problems are a part of marriage and life. They happen to most everyone at some point. By talking and working through these problems, you can come out the other end as a stronger couple.
What Bankruptcy Can Do For You
When debt affects your finances and marriage all at once, you need to tackle it as quickly as possible. If you start early enough, you can work with a debt reduction company, create a budget together, and turn things around.
But sometimes the debt gets out of hand before you can do anything about it. In those cases, you just need a fresh start, for the sake of your financial future and your marriage.
Bankruptcy clears your debts. A Chapter 7 wipes your slate clean, and a Chapter 13 puts the debt in an affordable repayment plan. Then once you complete the bankruptcy, you’re out of debt. You can feel freedom from its strain on your marriage.
Memphis Bankruptcy Attorney for Your Situation
If you and your spouse are struggling financially, we can help. At my practice, I’ve worked with hundreds of couples to get out of debt and rebuild their marriage.
I work in business with my wife of three decades, and when I meet with married clients, I bring that experience. We talk about their priorities and frustrations, and we figure out a plan to make things better.
Contact us online today or call (901) 327-2100 to schedule your appointment.