It is an unfortunate fact that divorce and debt can go hand-in-hand. It is not unheard of for a spouse in Oklahoma to be surprised to learn during the divorce proceedings that the other spouse took out credit cards and other debts in the spouse’s name without the spouse’s agreement or even knowledge. Unfortunately, with that spouse’s name on the account, that spouse could be responsible for paying off the debt. Spouses in such cases can contest the debt. If the spouse can verify that the debt was taken out without his or her permission, in some cases that spouse may not be responsible for it.

In addition, emotional spending can take a toll on a divorcee’s finances. Divorce can be a traumatic event, and a person may treat themselves to vacations, new clothes and other expenses as a means to comfort him or herself. Unfortunately, this can lead to serious debt issues. This can be the case even if the spouse earns a good living wage.

In these situations, it is important to start budgeting for one’s now-single life. Establishing a new household can be expensive. Some ways to cope with such expenses may include living with a roommate, avoiding eating at restaurants and setting aside money for retirement and emergencies.

It is important after a divorce to keep one’s emotions in check and not to spend more than what one brings in financially. Divorce is stressful enough without adding debt into the mix. Seeking the help of a financial planner or an attorney can help individuals facing debt after a divorce establish a good plan for regaining control of their finances.