Find Out About Your Spouses Big Debts After The Big Day? Talk With A Lawyer About A Post-Nuptial Agreement ASAP
Did you say "I do" before you knew about the financial baggage that your spouse is carrying, and you are worried about getting stuck with their debt in a divorce? Money problems are stressful, and you had a right to know the truth. There are a few things you can do to protect yourself even if you're already married.
You can get a post nuptial agreement to help protect yourself if the two of you split, and you can include a variety of things in the document. Here are a few things to do if you just found out your spouse has a lot of debt.
Meet with a Financial Professional
Meet with a financial professional to look at the debt and financial problems that your spouse has. The financial expert can give information on setting a budget, paying off the debts, lowering interest rates and more.
Their debt could end up causing a huge strain on your marriage, so it's important that you get a plan of action to overcome it right away. The more often you argue about finances, the more likely you are to get divorced, and it can take a toll on your relationship.
Get a Post Nuptial Agreement
If you feel like things are already rocky because of the financial woes of your spouse, a post-nuptial agreement can make you feel more secure. This is just like a prenuptial agreement you would do before, but your spouse signs it after you have been legally married.
You should put that you won't take any of their debt if the two of you split, that they are solely responsible for the money problems that they have, and that you want to protect some of the savings and investments that you have. If you are afraid creditors are going to come after you because of your spouse, talk with the lawyer about protecting yourself as much as possible.
Your spouse may be hesitant to sign the post-nuptial agreement, but because they weren't forthcoming with their debt situation, you should be able to get them to sign the document. There are many people that struggle with debt, but your spouse should have put everything on the table before the two of you walked down the aisle and said your vows. Find a financial professional that can help you turn your money problems around, and find a legal professional that is going to help you create a fair and protective post-nuptial agreement.
To learn more, contact a law firm like Backus Law Group.