Couples who are married and have a lot of debt already have problems, but if they are thinking about getting a divorce, things could get a lot worse. When you think about how bad debts can lead to divorce, you can see that this is a big problem for a lot of people. You might think that everything is split 50/50, but in real life, people have different incomes and responsibilities, and important things like a mortgage or loan might only have one name on it. A stay-at-home mom might have given up a career to raise the kids, and divorce settlements should take this into account. And I haven't even mentioned the fees lawyers charge.
The house might be the first trouble. A mortgage could go from being paid by two people to being paid by just one. Most of the time, this helps neither party, since one person is left without a place to live and the other might have to pay twice as much as usual. Even though no two situations are the same, something will have to be worked out. There is also the economy of scale that comes with having more than one person living in a house. When people share a home, the cost of food, heating, water, cooking, council tax, and electricity will be much lower per person than if they lived in two homes. If two people share a mortgage, they might sell a house to buy two flats, but two flats usually cost more than one house. It's easy to see why people move back in with their parents.
It's important to take care of debts as soon as possible, because the coming hits (like bigger bills) can't be avoided. If you own your home, even if you don't live there, you might be able to get a bad credit secured loan. The low monthly costs could really help you get back on your feet while you're getting back on your feet.
The good news is that you'll probably get used to your new life faster than you think. You need to keep your cool and remember that your partner can't bail you out of a bad month and that you can stop yourself from going back into debt. It's a big step, but you can finally get rid of your ball and chain if you consolidate your debts and keep a closer eye on your money.
