Few processes are more taxing, both emotionally and financially, than divorce. While sorting out legal fees, division of assets, and future planning, many individuals worry about whether their divorce will lead them to file for bankruptcy.
While divorce and bankruptcy are connected in some cases, it is important to understand the underlying reasons and know that a bankruptcy filing is not inevitable just because you are getting divorced. Talk with your attorney to see whether bankruptcy will be relevant to your particular situation.
Financial Problems During the Marriage
Financial issues during the marriage, such as mounting debts, unpaid bills, and financial mismanagement, are common reasons couples choose to divorce. These pre-existing financial problems often do not disappear with the dissolution of the marriage. In fact, they may become more pronounced as debts are divided between spouses.