Spousal problems are usually escalated by monetary problems. In fact, many of the divorces in the United States result from financial hardships. When there isn't enough money to go around, spouses tend to get more irritable toward one another. Unfortunately, this can lead to a breakdown of the marriage, and you and your spouse may file for divorce.
In most cases, your financial situation does not get much better after your divorce is granted. Both you and your spouse will split your debts and assets incurred during the marriage in the divorce settlement. In other words, after you get divorced, you may have half as much debt, but you will also have half as many assets. Sometimes, individuals are more likely to default on their debts when they have split their assets in the divorce.
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If you are in such financial trouble, chances are that your spouse is in similar financial shape. Though it may be difficult to agree on anything during your last days of the divorce, you and your spouse may be working in each of your best interests to declare bankruptcy together before getting divorced.
While this may seem like a bad idea at the onset, it actually comes with a great number of benefits in many cases. For one, if you are both headed for bankruptcy after the divorce, you will only have to pay legal fees once instead of twice if you declare together. Since the object of bankruptcy is to realign your finances, saving money on the filing is a good first step.
Second, when your finances are settled through bankruptcy, you may find that you and your spouse's marital problems are settled along with it, negating the long and complicated divorce process. Of course, this isn't always the case; you may still be headed for divorce after you declare bankruptcy. In that case, declaring before you get divorced may make the division of debts and assets much easier in the divorce settlement.
Of course, declaring bankruptcy before divorcing doesn't make sense for every couple. In the event that only one spouse will be in bad financial shape after the divorce, it may be in the other spouse's best interests to not declare bankruptcy. That spouse should keep in mind, though, that he or she may be liable for the debts on which his or her spouse may fail to pay. If paying those extra debts is still a more attractive option than declaring bankruptcy, then declaring bankruptcy before getting divorced may not be in your best interests.
Ultimately, you should consult with an experienced bankruptcy attorney to learn what your best option may be.
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