Filing for bankruptcy and divorce around the same time can be difficult to manage. This case, although slightly uncommon, can be an ideal solution for an individual or a couple depending on their financial situation. A divorce will split your assets, and will also split your debt. However, you might still end up paying for your spouse's share of the debt depending on the terms of your divorce settlement.
Benefits of Declaring Bankruptcy Before Divorce
In a typical divorce, a judge will split your assets, and also split the debt you and your soon to be ex-spouse incurred as a couple. However, you might still end up paying for more than your share of the debt in the following circumstances:
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If your ex-spouse is unable to pay his or her share of the debt, your creditors have the legal right to collect the debt from you If your ex-spouse declares bankruptcy after your divorce, you may be expected to help pay for his or her share of the debt
It is important for you and your spouse to work together on financial issues, and if you meet certain conditions and circumstances, you might be able to declare bankruptcy before filing for divorce. This allows you to have some stability going into your future, and will allow you to have a fresh start. Also, you will be more certain that your spouse is not hiding any debts that you will be held responsible for at a later date. However, it is important to remember that you will likely be held solely responsible for any debts you incurred before your marriage took place.
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