When a couple calls off their marriage, there are a multitude of legal hurdles that could arise, such as disagreements related to the distribution of marital property or a child custody arrangement. That said, the financial impact of divorce can be significant and many people are unsure of their rights or how the divorce could affect them from a financial standpoint. For example, some people may consider filing for bankruptcy right before a divorce, while others may wonder how their spouse’s bankruptcy case could affect the divorce.
Are you worried that your spouse will be able to cancel their marital debts by filing for bankruptcy? If so, it is vital to review the details surrounding their bankruptcy and your divorce. In some cases, people are not able to escape marital debt by filing for bankruptcy during the divorce process. On the other hand, perhaps you have been experiencing financial troubles and have been thinking about filing a bankruptcy petition, in which case it is crucial to thoroughly explore your options before making any decisions.
When it comes to ending marriage, bankruptcy is only one financial consideration that some couples encounter. From child support to alimony payments and the division of accounts, splitting up with your spouse could have a major impact on you financially.
Divorce can be frustrating and even confusing, but you should not give up. If you browse to the area of our site that covers high asset divorce, you can read through more on different family law legal matters.