Divorce Advice for Men | Fathers Rights Divorce | Child Custody

By Christian D. Barnard

Oklahoma City Divorce Lawyer, Cordell & Cordell

If you are heading toward what feels like an inevitable divorce, it is important to protect your assets.

Unfortunately, the majority of people begin to consider asset protection planning only after being served with a lawsuit, but by then, it is already too late to shield your assets. 

Generally, unless you have an Antenuptial Agreement (or "prenup") property, debts, and financial assets acquired during the marriage are considered marital property and will be equitably divided during the divorce.

Now is a great time to refinance and consolidate debt since interest rates are so law. But there are dangers involved.

Financial adviser Dan Danford explains why many debtors seek the debt consolidation route in order to pay off several debts by taking on just one new - albeit large - debt.

Danford, CFP®, CRSP®, MBA, also addresses how debt consolidation can negatively affect your credit score.

A popular way to eliminate debt is through the "debt snowball"; a suggestion that you pay off your smallest debt first instead of focusing on paying off the one with the highest interest.

Financial adviser Dan Danford espouses Dave Ramsey's motto of paying off the smallest debt first, then move on to the next smallest debt.

Danford, CFP®, CRSP®, MBA, says this method combines the financial need to eliminate debt with the psychological need to find an easier way to do so.

Watch the financial advice video for tips on how to eliminate debt.

A divorce can be an emotionally trying event for anyone and it can create havoc on finances.

If a divorce has left you with less finances than before, re-evaluating and creating a new budget can help you gain financial security and prevent ruining your credit and mounting debt.

The first step is separating your emotions from your finances. It is easier said than done, but carrying any unresolved bitterness or anger into sound money decisions will not help your financial situation. There is life after divorce and for many people it can lead to a better life.

Question:

I am looking for financial advice on divorce regarding paying off debt acquired during the marriage.

My wife bought a vehicle when I was deployed, and I was listed as a co-signer. Now that we are getting a divorce she says I am on the hook to pay for the entire vehicle.

I just want to know if I am legally liable to pay for this debt?