Divorce News

A number of divorcing couples have gone through court to have their ex-spouses’ name removed from the property, however, the recession-stricken economy lessened the assets to divide and brought more intriguing issue: the division of debt.

Before, most divorcing couples had been fighting over a house, a land, or a car. In recent months, the question “Who should get the house?” or “Who should get the property?” has turned “Who should pay the house?” or “Who should pay the debts?”

According to local attorneys, Mike Hodnett and Nancy Foltz, more and more divorcing couples have tremendous debt to divide than the marital assets in the recent years. “ The wife pays this. The husband pays that. It leaves us with no options,” Foltz added.

Financial problems often halt marriage

Financial problem is often seen as a culprit for divorce. There are so many divorce cases—from ordinary to prominent—where financial problem has been associated. Foltz stressed that financial problem was the cause of nearly 60 percent of divorce cases she handled in Gaston County.

Evidently, the percentage of divorce in Gaston County increased; there are 698 divorce filings from January to October, while there were only 688 cases recorded from the same period last year. Foltz had expected a more dramatic increase in divorces, but she has only seen an increase in the number of initial consultations.

Although the plummeting economy must have increased the divorce statistics, the local divorce rate might be delayed due to some reasons. First, couples should comply on the one-year separation period before the divorce becomes final, and second, all matters including custody, support and property division are resolved immediately.

Phil DeLuca, CEO of Family Services Inc, noticed that 85 percent to 90 percent of families have financial problems, and this financial problem is often the main cause of abuse and infidelity. As to what he had observed, a spouse “who feels like a failure at home” will have involved in drugs, alcohol, mistress, and other bad activities that can affect the entire family.

To those who cant afford…

DeLuca said that financial problems might keep a couple together despite of the wretched relationship. Couples chose to stay together, not because they still love each other, but, because of the costly risks of divorce these days. Some couples are not that financially stable to afford the legal fees and other payments that may be required from them.

Hodnett remarked that couples that can keep things out of court could save from tremendous amount of money. “It’s going to save them a tremendous amount of stress, and they are going to be able to walk away with a more intact relationship,” he said.