Money troubles are not uncommon among divorcing couples. In fact, a recent study on the money habits of married couples found that finances were the main stressor in 35 percent of all relationships. Statistics also show that an alarming number of people hide debt, money, and large purchases from their significant other; as many as 7.2 million Americans are hiding money from their spouse, and approximately 6 percent of married persons say they have a secret credit card or bank account that their spouse does not know about.
Sadly, all this hidden debt and money can come back to haunt a couple that breaks down and decides to divorce. In some cases, it may even leave parties with massive amounts of debt that can only be relieved through bankruptcy. How should you proceed if this is your situation?
The answer to that question depends on a number of factors - everything from the toxicity of your current situation to you and your spouse’s income and amount of marital debt.
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