How do I manage our debts in a collaborative divorce?

Divorcing couples in Mississippi who choose to go the collaborative route have some options when it comes to managing financial debts. Working with your collaborative divorce attorney, you and your spouse can develop strategies to help you both deal with the financial realities of your post-divorce life. You can both agree to a division of financial liabilities, such as medical bills, credit card debt, student loan debt, or any other payments that are jointly owned. It may be beneficial to create a written document that lays out how each debt will be divided and paid. You can also develop a realistic budget, perhaps with the help of a financial advisor. This budget should focus on how to live beneath your means, such as eliminating unnecessary expenses and cutting back on luxuries. This will help you both move forward financially after the divorce. You can also work out payment plans with creditors. Some creditors may be willing to negotiate the terms of the debt, and may accept delayed payment or offer a reduced interest rate. Finally, you can also set up a trust, which is a common option in collaborative divorces. This trust can help protect assets and can help both parties manage their financial obligations. You and your spouse can decide how to divide and distribute the assets in the trust, and how payments will be made. These are just a few of the ways that you can manage financial debts in a collaborative divorce in Mississippi. Your collaborative divorce attorney can help you explore all your options and come up with a plan that is fair and appropriate for your circumstances.

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How do I manage our debts in a collaborative divorce?

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