At Kelly & Bramwell, we’re proud to provide high-quality family law services of a variety of types. And while we never like seeing a marriage end, this is an unfortunate reality of life – as such, our divorce lawyers are always here to help.
There are a few situations that can complicate a divorce even further than it already was, and one such situation is bankruptcy. What are some of the important factors to consider if you’re going through a divorce and bankruptcy filings at similar times?
While we’d love to be able to tell you exactly which order you should be filing papers in, there is no set answer in these cases. Whether you file for bankruptcy or divorce first may depend on whether the divorce will be contested, and could also be influenced by how the marriage itself is dissolved.
Especially in cases where there’s disagreement on how resources will be divided, having a great lawyer on your side is paramount. A lawyer who understands both sides of the divorce and bankruptcy coin will be able to help you the absolute most.
If the divorce has not yet gone through but you know it will soon, you should decide whether your bankruptcy filing will be as a married couple or individually. Filing together may save you some fees, and may also help with certain discharge areas (more on this in a minute). If you think you can manage it from a personal standpoint, filing jointly is often the more prudent move.
It’s already tough to split assets during a standard divorce, and bankruptcy adds another layer of complexity here. Consider that if you or your former spouse is ordered to pay sums of debt from a divorce, that individual cannot discharge that debt as part of bankruptcy filings. For this reason, it’s important to make sure you know exactly what debt, if any, you assumed during the divorce.
For more on filing bankruptcy and divorce at similar times, or to learn about any of our other family law attorney services, speak to the staff at Kelly & Bramwell today.