Stress over money can lead to fighting, criticizing and other marital issues that go far beyond the subject of finances. However, couples who tackle the issue of finances head-on and get out from under debt often have good success rates and may be able to avoid divorce. Couples should consider having an honest discussion about money that results in a solid plan for getting rid of debt.
For example, couples may consider paying down debt with the “snowball” or “avalanche” methods. The snowball method requires a couple to pay off smaller debts first, building confidence and momentum and closing out old accounts. The avalanche method involves a couple paying down debt with the highest interest first, freeing up more money and making it easier to get out of debt quickly. Couples might also consider debt consolidation, which would combine all their debt into one lump sum that may have a lower interest rate.
Individuals who believe they may need to file for divorce should consider working with an attorney experienced in property division. A lawyer may be able to help a person determine to which assets he or she is entitled as well as which spouse would be responsible for which part of the debt. Working with an experienced attorney can help prevent financial surprises from popping up further down the line.