Tips For Getting A Divorce With Debt Involved
Are you planning to get divorced from your spouse, but you both have accumulated a fair amount of debt over the years of your marriage? If so, you may be wondering if you can even afford to go through a divorce. You'll want to hire a lawyer that focuses on bankruptcy before you even consider meeting with your divorce lawyer because it could be beneficial to file for bankruptcy as a couple prior to getting divorced. Here are some reasons to do it in that order.
Your Debt Will Be Divided Fairly
If you have debt going in a divorce, it's possible that a judge may decide that one person is responsible for most of your joint debt. While this may sound good in theory to the person that has less responsibility, the problem is that both of you will still be responsible for that debt not matter how it is split up in divorce court. If your former spouse decides they don't want to pay their court assigned portion of the debt, you're still held responsible for paying it according to your creditors. It means that you could end up with horrible credit that is out of your control.
By filing for bankruptcy early, you can decide who is responsible for the debt and ensure it is divided the way that you want it.
You Will Free Up Funds For The Divorce
With your debt settled, for the most part, it will be easy to move on with other expenses you will need to pay during a divorce. Most importantly, you'll be able to afford to pay for a divorce attorney. In addition, the divorce will not need to deal with existing debt that you have since it is already settled, so you'll save time in mediation going over the debts. It will help drive down those costs for having lawyers, which will be double the price since you're both paying to have your own lawyer there for the divorce proceedings.
You Will Adjust To A Single Income Much Easier
A big financial adjustment you'll need to make is living on your own with a single income. If you have debt looming over you that needs to be paid off, you'll have more difficulties adjusting to living with less money. Wipe away your debts with bankruptcy first, and you'll find that you'll have more money from each paycheck to live your new life.
For more reasons to settle debts first, speak with a bankruptcy lawyer.
