By Tim Kowols
Couples going through a divorce can often find their issues with debt following them long after their marriage is dissolved. According to Marriage.com, 40 to 50 percent of first marriages and close to 60 percent of second marriages end in divorce, with money trailing only infidelity as a top reason for filing. ¬†Gay Pustaver from Money Management Counselors says the possibility of divorce and debt is even more of a reason to keep the communication lines open between you and your spouse.
Pustaver says because Wisconsin is a marital property state, you could be responsible for the debt incurred by your former spouse if he or she decides not to pay it regardless if your name was on the account or not.
You can listen to the entire Money Management Monday interview with Gay Pustaver online with this story.