Want A Divorce But You're Too Broke? Get Debt Free And Out Of Your Marriage
If your spouse has said they want a divorce and you two are going through a hard financial, you may want to put your divorce on hold and file for bankruptcy. You'll want to meet with a divorce lawyer to go through the finances, to find out the best way to move forward.
If you can file bankruptcy together, and then do a collaborative divorce through mediation afterwards, this may save you a lot of stress and money. Here are a few things to consider when discussing these options with your spouse:
Legal Fees
The two of you are going to have separate legal fees to pay for if you go through a divorce with two separate lawyers, causing more strain on your current financial situation. If you can share one lawyer that specializes in divorces and mediation, and that can help you file for your bankruptcy, you are going to minimize legal fees a great deal.
Dividing Debt
If you get divorced you may be forced to divide the debt that the two of you have. Even though it will be divided and the two of you will have separate things to pay, you could still get stuck paying for all of it. Your name is on all of the same debts, and they will come after you if the debt isn't paid, if you accumulated it during the marriage.
If you file for bankruptcy jointly as a married couple, you can wipe out all of the debt before you go through the divorce. This means that both of you can start your life post-divorce without a lot of bills and debt hanging over your head. This will be ideal when you're getting ready to pay for separate households and other items, and if you have to pay for child support or other items.
Divorce can end up being a long and expensive process, and your finances may not be able to take the strain if you are already struggling to pay the bills each month. Talk with your spouse to find out if they are serious about getting a divorce, and to see if they would consider applying for bankruptcy jointly before applying for a divorce.
They may want to talk with the lawyer too so they can make sure it's going to be the most beneficial thing, and then the two of you can move forward with the bankruptcy process. Contact a company like Begley Carlin & Mandio LLP with any questions or concerns you have.