Many married couples find that their marriages break down when they have financial problems. Unfortunately, many married couples decide to divorce once these problems begin to place a great strain on the relationship. It is important to note, though, that divorce will not resolve a couple’s debts. In many cases, declaring bankruptcy before getting divorce makes sense for married couples.
The Advantages of Declaring Before Divorce
In many cases, a divorce will cause spouses to evenly divide the debts that they incurred during the marriage. When the marriage is over, each ex-spouse will be left to pay off those debts with his or her single-person salary. In most cases, couples who cannot pay their debts together cannot pay them when they are apart either.
Declaring bankruptcy before marriage makes sense for many reasons, including:
- Couples pay legal fees just once
- Bankruptcy makes debt division easier
- Each spouse has a clean financial slate when single
Additionally, in a divorce settlement, debts are not transferred into one spouse’s name; if an individual declares bankruptcy, the creditors he or she was responsible for paying may come after the individual’s ex-spouse since they will still be listed as a co-signer.
Declaring bankruptcy before getting divorced can save individuals money and give them peace of mind in their single lives. If you and your soon-to-be ex-spouse have financial troubles, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC at 413-377-0518 to learn about declaring bankruptcy before you divorce.