While there are several causes of divorce, one of the most common factors tends to be financial troubles. As a married couple, there may not be enough money, causing debts to build and marital tensions to rise. When this does lead to a divorce, it is important to keep in mind that a divorce does not settle all of your debts. Instead, the debts are split between you and your spouse, leaving each of you to pay a portion of the debts incurred during marriage separately.
Since debts will be divided and there was not enough money to cover them during the marriage, neither spouse will get enough money in the divorce settlement to pay off the debts he or she is granted. In this case, bankruptcy may be a very real possibility for both of you after the divorce. If it looks like you will each need to declare bankruptcy, it may be in your best interests to file a joint bankruptcy before you get divorced.
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Since you both may be headed toward bankruptcy, filing before your divorce is granted makes sense in many cases. Not only will it save you both the trouble of filing separately, but it may make division of debt and property easier, too.
In marriages with large amounts of debt, filing bankruptcy before the divorce may even protect you after the divorce has been granted. The main thing to remember is that any debt you incur during marriage is the responsibility of both you and your spouse. Even if your ex-spouse assumes a debt in the divorce settlement, you may be held responsible for it if he or she fails to pay the debt.
Something else to consider, if you do not file a joint bankruptcy before getting divorced, your spouse may file bankruptcy after the divorce, which also may make you liable for his or her unpaid debts. These debts would come on top of any child support or alimony you already have to pay to your spouse.
Both divorce and bankruptcy are complicated topics. In many cases, divorce lawyers are knowledgeable in bankruptcy, so it is important to hire a divorce lawyer if you and your spouse are headed toward a divorce that includes large amounts of debt.
Even if debt and bankruptcy are not issues in your divorce, you should hire a lawyer to help you through what may be a very difficult process.
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