If you and your spouse are considering divorce and you are worried about your financial strife, schedule a free consultation with a divorce lawyer to explore your options. If you are worried that this potential divorce could sink you financially, you need to know what you're walking into.
You can talk with your lawyer about how the divorce may go, what it's going to cost you, and if you should consider filing for bankruptcy before you file for divorce, so the bankruptcy will be as a couple. Here are considerations that need to be made.
Dealing with the Debt
Is there so much debt the two of you can't pay it off, and that's what you fight about? If so, the judge may decide to split that debt down the middle if you get divorced. If your spouse doesn't pay it off, you are still going to be liable for it. If your spouse files for bankruptcy after the divorce, again you may still have to pay the debt, so it wouldn't really be split.
Your divorce lawyer can look at your finances and determine if you are better off filing for bankruptcy before you get divorced, so the debt is wiped clean for both of you. You both won't have to worry about the other not paying their portion.
Taking Debt without Alimony
If you already know your spouse is going to come after you for some type of spousal support, and you can't afford the spousal support and the debt, you may want to make a trade. Your lawyer can look at your finances and years together to determine what you could pay in alimony. Your lawyer may propose you make a deal, and that you take the debt and they waive the right to alimony. If you don't qualify for bankruptcy, this could be one of the ways you save money throughout the divorce.
You want to bring all of the questions you have to your first consultation, because you are going to get billed after that initial appointment. If you want a divorce but you just don't know how you are going to pay for it, talk with a divorce lawyer and see what your financial options are. You and your spouse both need to know what you are doing, and how it's going to affect your finances if you file for a divorce with a lot of debt to share.
For more information, contact a business such as LA Law divorce lawyer.
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