Its well-known that debt can wreck a marriage. Till debt do us part, as financial guru and TV host Gail Vaz-Oxlade would say.
But breaking up wont end your financial woes. Indeed, it can drive you deeper into debt and even lead to bankruptcy.
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Divorce was a significant cause of insolvency for 14 per cent of respondents surveyed by Kitchener, Ont.-based debt management firm Hoyes Michalos.
Among those between the ages of 40 and 49, the share who cited marital breakdown as a leading cause of insolvency was as high as 20 per cent. For those between 30 and 39 years of age, it was a similar 18 per cent.
