See my research, posts, and articles on divorce, including financial impacts, legal considerations, and debt division. Click the link to explore key insights!
Quick Answer: Divorce costs range from $300 for a DIY uncontested divorce to an average of $13,000 when using full-service attorneys, according to Nolo research. Online assistance for uncontested divorces adds $150-$1,500, while contested cases with complex assets can cost significantly more.An uncontested DIY divorce could cost $300. For a messy, high-stakes parting, add zeros …
Quick Answer: A company-wide 7% pay reduction signals potential financial distress, and employees should prepare for further cuts or closure. The radiological technologist earning $20/hour should consider skill upgrades or job searching, as specialized healthcare roles may offer better stability elsewhere.Question:Dear Steve,I am 47, divorced, 2 teenagers, work full time as a radiological technologist at …
Quick Answer: Divorce finances require careful planning to avoid long-term financial entanglement with an ex-spouse, particularly regarding property division and debt allocation. Couples can divide marital property however they agree, but if they can’t reach an agreement, state laws will determine the division through court proceedings.If you’re going through a divorce, you’re probably exhausted by …
Quick Answer: When both divorced spouses receive 1099-C forms for forgiven debt, each must handle tax implications separately based on their individual circumstances. The spouse who filed Chapter 7 bankruptcy can likely exclude the income, while the other spouse may qualify for exclusion through insolvency using IRS Form 982.Question:Dear Steve,My ex and I took out …
Quick Answer: Divorce agreements don’t eliminate original debt obligations to creditors, so both spouses remain legally responsible for joint debts regardless of court orders. The divorced spouse can pay the $3,509 debt, attempt settlement, file bankruptcy, or return to court to enforce the ex-spouse’s payment obligation.Question:Dear Steve,DIRECT BUY Just added a collection to my credit …
Quick Answer: A divorced person remains responsible for joint credit card debt from cards that weren’t closed after divorce, even if the ex-spouse made all charges post-divorce. Creditors can pursue the surviving ex-spouse for balances on joint accounts regardless of the divorce decree or estate’s ability to pay.Question:Dear Steve,My ex husband died, suicide. We have …
Quick Answer: The person should avoid both Greenlink and Personal Lending Group debt consolidation offers, as these are likely high-interest loans that won’t solve the underlying $30,000 credit card debt problem. With $60,000 in home equity from an upcoming sale, paying off the debt directly would be more cost-effective than any consolidation program.Question:Dear Steve,I have …
Quick Answer: Bankruptcy after divorce often becomes necessary because divorce agreements don’t legally separate financial obligations to creditors, and splitting one household income into two separate lives creates unsustainable debt burdens. Filing for bankruptcy can provide the complete fresh start that divorce alone cannot deliver.Question:Dear Steve,I just went through a terrible divorce and now have …
Quick Answer: When spouses are not legally divorced, both parties typically remain responsible for marital debt regardless of whose name appears on loans. The mother should consult a bankruptcy attorney about her options, as her $38,000 income and $80-100k in deferred student loans may qualify her for debt discharge rather than garnishment.Question:Dear Steve,My Dad was …
Quick Answer: When an ex-spouse ruins finances by breaking divorce agreements, pursuing retroactive restitution through quit claim deed negotiations is typically ineffective. The bankruptcy actually provided a clean financial break, and credit can be rebuilt relatively quickly after discharge rather than remaining ruined for seven years.Question:Dear Steve,My ex husband and I divorced almost 5 years …
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