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Oak Forest divorce and bankruptcy lawyerNo matter how much money you have, you are almost guaranteed to take a financial hit when you get divorced. Even if it is just because you are splitting one household into two, you will likely have less money for bills, especially those that are growing due to snowballing credit card interest charges. If you and/or your spouse have spent the last few years racking up debt, even if you split it in your decree, then you may feel like there is no light at the end of the financial tunnel. Should you consider filing bankruptcy after your divorce? Everyone’s situation will be different, so it is important to understand your options.

Splitting Debts and Assets

Not all divorces are equal. If at all possible, you will want to try to work out a reasonable solution with the other party. If one of you has a higher income, that may mean they will be expected to take on more of the debt. If your spouse has run up credit cards and other debts on a joint account, it may be difficult to determine who actually made all those purchases. There are myriad scenarios when it comes to the finances involved in a divorce, especially if the marriage was a longer one. 

Besides splitting households, you will also be entering into territory that may be new to both you and your ex-spouse. You may have the added responsibility of child support and/or alimony. Therefore, if there is any way for you to go through your assets and bills together and come up with fair solutions, it is imperative that you do so. Your attorney can help you determine what solutions make sense, but you may want to consider mediation if you cannot come to an agreement in a timely manner.

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