Hello, I am almost 29 and I have been married for just over 5 years. I have family back home who I can rely on to stay with for a short time when needed. I am currently in an apartment with my husband. I believe the only thing he is co-signed on is my car.
I have quite a bit of debt, multiple credit cards with high interest. I fully accept that this was due to my own stupid financial decisions, especially during Covid. And a lack of understand of high interest debt. I am working on a snowball method of getting them paid off. Realistically, I realize I will need at least 5 years to pay these off.
I am at my wits end wanting to leave. I’ve been trying to keep the peace and stay for my financial situation. We split rent, and I make more here than I would back home. I worry I would be underwater with my costs if I go home and get a job with the rate of pay there compared to my high interest debt payments.
Things are getting more rocky every day. If he decides to end it, I have somewhere to go. But these concerns are driving me crazy. If we do split, what does divorce with no assets to split entail? What would it cost? (Washington state) and is there anything I can do to lower monthly payments or get onto a repayment plan without ruining my credit or filing for bankruptcy?
I’m scared. I want to plan before the storm, I know it’s coming.
Divorcing with debt. What do I do?
byu/throwaway468098 inpersonalfinance
Posted by throwaway468098
3 Comments
Oh and to add, I am on our lease of course. And it’s not up for a year. We’ve only been in this apartment a few months.
There really isn’t any strategy that’s going to lower your amount of debt or your payments without taking a hit to your credit score. But unless you plan to buy a house in the next 3 years, it’s not really a big deal either to have a lower credit score.
It’ll depend on your state, but in most states, any debt occurred during marriage is considered a marital debt and each of you technically will split those. If your husband makes considerably more than you, they might be forced to pay your lawyer fees during the divorce.
Your other option would be to try to do an uncontested divorce yourself or see if there are any legal aid services in your area.
But if this is all detrimental to your mental or physical health, you just got to pull the bandaid off and go. Worst case scenario, you end up having to file for bankruptcy and you take 3 to 5 years to rebuild your life in a much better place mentally.
– find out what the cost is to terminate the lease, it’s potentially worth it, it sounds like you want out of your situation.
– As a starting point, Google: “divorce in Washington state with zero assets”. A quick scan tells me that you fill out forms, it will take 90 days, and that debts are considered “community debt” in the marriage, and you’re both responsible. However, in practice, you two can do whatever you want. If you TRULY believe it’s on you, then you can take responsibility, but I have to imagine that some of the bad financial decisions were joint decisions; don’t be too quick to put this all on yourself. Just urging you to consider carefully.
– income-wise, how much money do you save each month not paying rent if you move back in with family? Does this cover the loss of income?